Markets Should Be Down So Much More

I’m exhausted, following a weekend of walking around Boston. We walked every square inch of the city and did all of the touristy things to Mrs Fly’s delight and now I’m annihilated.

Admittedly, I expected a much sharper decline at the open. The Yen is getting poleaxed, -1.3% v the dollar and the Euro continues to slide, now less than 0.99 to the dollar. Oil is firm but natty is weak and the US 10yr is roaring higher, at 3.3% higher by nearly 12bps.

I had a handful of stocks in the portfolio this morning, all up, and once 5% position in TZA. I sold the stocks and kept the TZA and will now wait until we get a break lower in stocks.

It seems inevitable.