The Nasdaq is up, but the Russell is sharply lower. The semis are higher, but the biotechs and banks have plunged to hell. The price of oil is up, yet oil stocks are flat.
All stocks are down 0.6% today and upside breadth is an abysmal 38%.
Can you say “crash the fucking close”?
Some days, like today, you just have to sit and watch. It’s tempting to want to be the hero for your family, head out there into the market jungles and slew a Tiger with your bare hands. Odds are, said bobcat will bite your fucking arms clean off your body.
This isn’t a market for lesser men. Those of you with trouble trading in normal tapes should steer the fuck clear of this one.
I’m exactly flat for the session, saved by my $AMZN and $VALE positions. I am only in $TMV now, betting on higher rates. I’ll likely increase my market exposure into the late afternoon, but I have no sense of urgency. The way I see it: I did my job, up more than 1% in a week that brought ruins to the plebeian class. Stocks are down 7.5% for October and I’m +2.7%. While it’s true that my bearishness might’ve encouraged me to bet with more vigor to the downside and achieve higher returns, I instead decided to take low risk excursions for all of the reasons you see the market being so damned tricky on a day to day basis.
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There’s a crisis that can lower bond yields in a hurry, via safe haven demand. War being top of the list. Stocks dive also. I suspect some people even welcome that outcome. Outside that, bond yields are likely going higher yet.