CATACLYSM INTO THE CLOSE

Catastrophic day for the bulls. You could not stop the late day selling and the people are getting really nervous out there — staring at rates barely down 2bps on a strong up day.

Today, after it’s all said and done, was a dud. I close down just 1%, near my session highs — because of a late day COLLAPSE in semis and tech. I am 50% weighted SHORT on top of a fully long book.

There is no hope because there is no bull case. You should make arrangements now and plan for the worst.