This is the moment we have all been waiting for: the gigantic collapse of the Bank of Japan and with it the entire global stock market. The Yen is +0.75% on the day, likely because someone in Tokyo lost a trillion yen on his monkeypox longs and had to sell them in order to buy back his Yen before it’s too late.
But it might already be too late, as the tone and tenor of this tape takes on a macabre element, plunging lower by 0.22% for the NASDAQ and down a horrifying 1.1% for the Russell. There is NO MUSCLE IN THE RUSSELL. I repeat: THERE IS NO MUSCLE IN THE RUSSELL.
To take advantage of this, I am presently a little hedged via $TZA, but sadly am down 0.13% on the position at the time I am writing this. God willing the entire infrastructure of the market will falter and fail, sending $TZA to the moon so that I could take profits on it. Sure, the rest of my positions would be burnt to a cinder; but I’d find solace in the fact that I was there when it happened and I had a small part in bringing about its destruction via $TZA.
The alternative view is we are down a little after being up for 7 straight days and this is nothing more, or less, than a mediocre attempt by the bears to assert their dominance.
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