Markets Deserve to Knife Down

What people deserve and what they get are two different things. Look at me, nice man, always blogging, tweeting a storm bringing good news to the people: I should be up 5% every day. Yet, here I am up another 35bps, notably not fooled again.

Last night whilst you slept, Credit Suisse shit the bed. The stock is down 15% and META is down 23%. These two disasters “should’ve” equated to a rout in stocks, especially since we’ve been rallying. Yet, here we are +264 Dow, -145 NASDAQ and FAZ (triple short banks) is -3.7%.

See, there is deserve and what you get. Don’t confuse the two because in the end — everyone gets what they really deserve based upon merit. The market doesn’t give a shit if you’re white or black — it’ll punish you equally and without remorse if you’re wrong.

I’m at 83% cash, content to take it slow into month end. These are old habits I have since the days when I managed other people’s money. The calendar, per se, should’ve mean a damn thing to me now — but it gives me structure and a definable goal. I am +4% for the month and it’s not a banner month, but noteworthy in the fact that I have been bearish as fuck and still managed a gain, albeit one HALF what was enjoyed in the SPY.