In classic Wall Street fashion, we are climbing all of the walls of worry at once. The QQQ is now almost up 3% for March, after being deballed in both Jan and Feb. The stark reversals in March aren’t without reason. It is widely believed now the economy is doing fine, in spite of the inflationary headwinds. People are independently wealthy and can afford any price, in our decadent/degenerate country.
That is my best guess on what might play out, should we continue to trend higher. Of course, all of this could change by 3pm with one bad headline. What the market is saying, more or less, is Russia has lost and do not pose a serious threat to the west. Yesterday the market was panicked about the specter of European gas shortages. Basically, we’re winging it. But the trend is up. More than that, for the first time in a long time, day trading is fun and gains are outsized. Just a short while ago, I’d be content with 1-2% gains on a day trade; now the bands have widened considerably and have been enjoying double digit returns on an intra day basis. It’s been so good, I feel as if money could be made almost at will.
Today’s trends are mixed, some weakness in oils, strength in ag, ag sciences, electric cars, mixed on Chinese burritos, strong on crypto miners, with an emphasis on small cap volume breakouts, suggestive that risk is on.
Nevertheless, I’m holding a UVXY hedge just in case.
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