I didn’t trade today because I wanted to be patient and not be lured into inverse ETFs, due to my belief this market is shit. Lo and behold, what I feared happened most. This market absolutely shit itself and is now teetering on the verge of collapse. We had a 1.5% gain in the Russell and that’s all gone. The NASDAQ is holding onto minor gains, but well off its higher. The VIX index was hammered this morning and has soared from the open.
This is a very typical bear market tape, trying to trick and fool the proles into stealing their shares or worse bankrupting them. I’d like to warn you that this sort of pin action can lead to precipitous drops; anti climatic wash outs are always the most dispiriting.
However, maybe it’s not all bad and maybe I shouldn’t be so doom and gloom as I am prone to do. After all, markets are still up a little and $SHOP posted great numbers and America is still the gayest nation in the world, rainbow flags everywhere.
All sectors are in fact RED, fucked face, save utilities.
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Not to mention central bank intervention which must be very active yesterday and today. Market sniffs thru that quickly.