… is a day wasted.
The NASDAQ jumped 50 off the lows and closed ambiguous. Bulls bought the dip for the “big run” and bears shorted the hole because of everything else.
I am net long, 30% cash, 10% hedged via TZA. I gained 35bps for the session and didn’t trade much because I am waiting for a better tape.
To trade in an environment that switches back and forth between reflation and end of world is difficult. We have CPI data coming out tomorrow and I cannot remember the last time any economic data, bad or good, resulted in down stocks.
If the data is hot and stocks collapse the open: buy the dip.
If the data is cool, this means the Fed is winning: buy into the rally.
Either way, it’s rigged to go higher tomorrow.If you enjoy the content at iBankCoin, please follow us on Twitter