I closed out my Stocklabs guided TQQQ trade, since it’s 5 trading days since our last oversold signal. I am not sure if the rally is ending — but I have already made more than 22% on the trade and the entire account was invested in it.
We are seeing big moves in a variety of non-commodity stocks, as rotation once again creeps back into the tape, reminiscent of just about every bear market I have ever traded. One day the world is burning and the very next day the future is bright and wonderful. This morning was started with bullish notes from Mike Mayo on the banks, who tried to assuage people with the idea that BAC was unbelievably great and how spreads no longer mattered because, all of a sudden, he says they’re rigged. In Europe the ECB is saying ‘NO CHANCE’ of stagflation, even though German PPI is +25% and growth is slowing.
We live in a crazy place run by crazy people doing crazy things.
I am +91bps early going, as I have been selling out of commodities and diving back into tech — if only for a trade. I’m 41% cash and I think I’ll stay here and refrain from feeling too good about this tape — because who knows what news headline is next to tank the tape and crash the close.
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Nobody is more negative than a Yankee
Hunter’s laptop was a true story. The media knew it, covered it up and censored people who tried to speak about it.