BLACK MONDAY LOOMS *

Everything loved by the market was flung into bonfires and burned alive this week. Losses in notable names for the week.

$NVDA DOWN 13%
$ARM DOWN 31%
$MSTR DOWN 20%
$SMCI DOWN 21%
$TSLA DOWN 14%

On the upside

$UAL +23%
$UNH +14%
$ELV +7%
$GIS +6%
$PM +5%

For the month, the $IWM is down 8% and the $SMH has been fucking hammered into dust for 11.4%. But as bad as the market has been, we are not even close to bottoming, algorithmically, and without panic there will not be a capitulation sell off that can place in a hard bottom.

For the session, I was perfectly calibrated, finishing up 47bps. My longer term accounts didn’t fare too well and that is always expected when markets get routed. You can have two approaches, maybe 3. You can be tactical and beat markets, which I’ve proven possible since blogging live in 2007. Or, you can associate yourselves with the prevailing trends and trade with markets, which isn’t the worst thing in the world since markets generally trade up. However, in those periods of duress and calamity, you might, sometimes, wished you were just a little bit like Le Fly.

Here is my full portfolio into the weekend, 20% cash.