……….forgot to cover his short position
So the market ripped higher today as Janet Yellen posted a “dovish rate hike“. The fed will raise in a measured fashion. That (for now) is good for the market. Remember that other bad things can happen to the market along the way. Our market liked it, and hell, even global markets liked it. On a day when rates went up, emerging markets and utilities rallied. That’s a dovish hike.
A dovish hike means that the fed is not going to raise rates aggressively. They will be data dependent and be sympathetic to slow growth. How sad. I’d love to see strong growth. But everything is cyclical and I guess growth has sucked for 10 years now. Remember the “we are Japan” chant back in 2008? Well, basically that’s us. No growth.
From a trading standpoint, I will play the game for now. I still say that the global market crash that is coming will make 2008 look like choir practice.
I LOVE being long stocks, but fear is a greater emotion than greed. Trust me, they go down faster, 90% of mutual funds lost money in 2008. Good job by those assholes.
But I digress and opine end of days. Forgive me as I think of the halcyon days of 2008 when I was SO short. My subscribers literally made fortunes.
Right now we may see a rally (a Santa Clause rally) that gives us some opportunities.
I made a few moves on the P&L today, so please check the tab on this blog to stay current.
See you in the trading room in the morning.