This morning’s collapse and my subsequent moves out from high beta to low paired with a well timed $SOXS hedge at 12% of assets have reduced my losses from 90bps to just 30bps. I am only 2.5% $TZA, the rest long, on a day where the fucking NASDAQ is careening through the floorboards, and much more.
There is no wall of worry, as Wall Street is spoiled via FOMC moves and fear is non existent. Happenings in the Middle East is accelerating with lots of kills by the IDF paired with incredibly tough talk out of Iran. The level of incompetence by Israel’s enemies is front and center and the chasm between their abilities could not be wider. The problem for Israeli’s enemies is akin to be afflicted with Dunning Kreuger, whereby the feeeeeeel they can win but in reality they cannot.
My opinion on the market is slightly changed, with more of an emphasis on lower beta stocks rather than super risky stuff. I am sensitive to the market winds and find I do best in tapes, such as this.
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