Post Fed, markets legged lower amidst the clamor of perhaps a more hawkish Fed than we expected. This is all bullshit, reasons to sell and behave badly. The tape was already ruined by $GOOGL and this is only exacerbating an already bad situation. Whether this is a one off event or the beginning of something special remains to be seen.
I have heavily hedged at 17%, actually making me NET SHORT. I am not disillusioned to the idea that this initial move lower may be false. Nevertheless, I am not in a position to gamble, as I am intent to keep my gains — now just +22bips for the session.
I have ideas for the end of session and will try to turn those ideas into action, in spite of the headwinds.
Breadth is at 40%, not terrible but not good. For the month, small caps are down 2% while the NASDAQ is up 2%, continuing a trend that persisted all last year up until the great small capped breakout in November.If you enjoy the content at iBankCoin, please follow us on Twitter