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:
-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.