Late day collapses have been something of a unicorn as of late. This is the hourly returns for IWM since 8/1. As you can see, the market dumps out in the morning and offers very little for the afternoon — sort of an anti-climatic collapsing of the close.
I closed out my TZA position and now am 100% cash, +75bps. This isn’t my permanent position — just for now. I’d like to get a better feeeeel for the tape before diving in.
Rates are through the roof, oil is once again rigged lower and yet no one really cares. It’s all just a giant game, albeit the best one ever invented.
My bias with my heart is to be short; but a market that doesn’t dive lower when it should is usually bullish.
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Kudos to Lizz Truss for blowing up the UK gilt over a single 8 hour flight.