I don’t always get it right, but when I do, kiss my hairy, sometimes gloriously tanned arse.
The markets rallied today in the face of World War III and doom from the Middle East. I warned this morning that it was a distinct possibility but little did I dream the bulltards would shoot their wad long before they could find a mate to breed and thrill her with their power.
The truth is that on a holiday the following boxes were checked quite successfully:
-Pathetic volume
-No breadth
-No breakout in new highs versus new lows
-No one cares other than the bubblevisions, hucksters, and James Cwazy Cwamer
The WSJ Market data reflects this:
Meanwhile the goldbugs woke up and said “See! It’s the end of civilization, everyone better buy, buy, buy!”
Damnit y’all all sound like Cramer. Shut up.
Reality is the dollar did not weaken, and if one looks at the GLD equity it was a truly weak dead cat bounce on moderate volume:
Thus boys and girls, sleep tight. This was a boring, overreaction to the war at first and a market holiday later. If you shorted into the close, congrats. If you went long this morning then day traded, congrats.
But buckle up retail bagholders; the Robinhooder market is about get obliterated again.
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The people in power…the same ones trying to trigger a massive war to “thin the herd”, aren’t through looting the Treasury. So they will keep the market propped up as long as possible. Which in many ways is irrelevant to the real world, as what happens in the market seldom has any bearing to what goes on in the world most of exist in.