I have a few minutes to kill on the train from Princeton to NYC.
My positions are net up, thanks to my stocks and of course my shorts against biotech. But I’m being flayed alive in my gold long and semis short. It seems semis will never trade down again. Remember when the sector used to be volatile, subject to cycles? There were times when margins got squeezed by manufacturers. Not anymore. The semis call the shots now. Final bosses. For the life of me, I don’t know where the compatible nature of the sector went. Did they all get together and decide to fix pricing, like a CABAL?
Clearly something is different now.
That being said, tech is super strong today. Biotech deserves to be strung out and beaten because the run up was always suspect.
I’m heavily cash, all long in my quant. Hard to not be bullish.
I’ll hold my semis short for a few hours more and then dump it if the market keeps going up.
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