We Might Have Some Minor Problems With This Tape

I don’t want to reverse my bullish position, but there are some pressing issues in this tape. For example: the earnings suck. We have misses from $UBER, $SHOP, yesterday $DIS, a week or so ago $META in addition to absolute fucking train wrecks in $TRIP, $DV, $ZI, and $GO just to name a few.

Luckily I wasn’t stupid enough to hold a lot of high beta stocks, only minutely stupid enough to lose 28bps at the open. I had to ditch a few things, but got attracted to the strength in both $META and $NFLX. And now after being them, I feel like I am being set up for a trap, a grande fucking piano collapse onto my head.

We have no discernible areas of strength, other than periphery defensiveness in secular and/or low beta stocks. When I say ‘low beta’, I mean stocks that do not correlate 1:1 with the $SPY. These are your defensive names like $PEP, $KO and $KR. On the higher beta side, we have absolutely bloodshed, down 1.47%.

In other words, if you went out there today with a loaded up portfolio of risk, you’re getting your fucking brains blown out this morning and hoping to God for respite.

But no one is coming to save you.