Another monstrous rally. Bottoms are always happening for the Permanent Bull, but they eventually do happen. Have we seen the lows for 2022?
Consider the IWM +8% for October. The only other times it went up like this was in 2014, 2011 and 2003. The following month after those rallies, the market was flat to up with strength in tech. I have no way of knowing if we bottomed or not. All I do know is I don’t want it to bottom and I’d be awfully disappointed if America skated by another catastrophe without truly suffering for it.
HOWEVER, that being said, I closed with a bullish book and bias towards heavily shorted stocks. This is probably the most long I’ve been in a week or two, so we’ll likely crack lower today, as to only amuse the Gods.
Off to tennis.If you enjoy the content at iBankCoin, please follow us on Twitter