Nice bounce but I’m not trusting it. I have trust issues with the market dating way back to when I first got my series 7. I’ve been through one market calamity after the next and have seen and done too much to behave like many of you, abject morons diamond handing to zero.
That said, I’m participating, +115bps, and now I have an SQQQ hedge since gains seem to be concentrated in smaller caps. I’ll hold about 50% cash the whole day and will say no to most trades. For example, I really want to buy BBBY, but cannot because it’s up 7% and if the market reverses I’ll get clocked in bbby.
I’m a patient man because life is long and the market is always going to be around.
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Commodities now going ham to the upside, confirming the move in bonds. By the end of the year, inflation will be north of 7% and there is a distinct possibility that 10 year yields will be north of 2%, although it might take into early 2022 for that to be reached.