Just when the market looked like it was readying to tip over and fall into the blades — BAM — it breaks the fuck higher. Nothing is stopping this stampede of buyers from foraying around and imposing a deep hegemony upon the heads of the shorts. I was mindful to not buy anything that could sink lower on me and feel good about my prospects, albeit I’m underperforming.
I am net long and that’s the way life should be, unless of course we’re barreling towards perdition and the credit crisis that began in 2007 reemerges with a fresh black bloom of doom.
That being said, markets were non-stop to the upside today — because that’s what it does after brief periods of under-performance. If forced to guess, I’d venture we’ll continue higher tomorrow. But just in case, you should have hedges and also lots of cash. This is one big ass white candle and the technical damage is still present and ominous.
But today was a good day, great for some, meh for others. In the span of an entire year, it’s just another salvo off the bank shooting left into the ocean to be eaten whole by whales. You small pikers out there get to nibble on chum and small morsels of shrimp every so often.
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