Upon opening of the market this morning I liquidated all of my holdings, save 1 midstream oil. I later on bought TZA and now speak to you with 82% cash — +25bps for the day. I did this not due to being prescient or clever — but due to my hatred for markets. I cannot and will not let it go and I’m afraid, good Sirs, I am a permanent bear.
This doesn’t mean I won’t try the long side when the time calls for it. But what it does mean, inexorably, is that I’ll hate doing it.
The NASDAQ went from +105 to flat and quickly sinking into the ground to be buried. You’re all so worried about your 401ks and long term accounts and for good reason. For example: you are waging a war against Russia on their front yard. You also have a complete and utter jackass and moron for President and Vice President. Aside from that, your “deep state” is filled with vindictive people only driven by their spite and evil instead of good nature and duty to humanity.
The great chasm between markets and leadership is apparent. For years this market has plowed forward in spite of unbelievable interference by government. Dare I say, this last interference, making money much more expensive, is one wall that cannot and will not be scaled.
It’s over again — pack it up and head for cover.
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