I had the best day on Monday that I’ve had in a long, long time. Want to know my favorite part? It was the final hour of the day, when the Federal Reserve fell all over itself buying stocks (through its proxy, Blackrock) in order to give this farce another day. The NQ exploded 3% off its bottom for no reason other than Powell’s continued criminal act. Nice! I prefer a slow bleed.
Liquidity moves markets!Follow the money. Find the profits!
Mercifully, I sold all my IWM November puts early in the day. I still cheerfully hold my January 2021 XME and XLU puts, which are profitable but have a long ways to go. I have every intention of re-deploying my IWM proceeds into something longer-dated. With that scumbag Powell at the helm, I need to be sure to give my put options plenty of time.
The reason I’m relatively unfazed by what that shameless son of a bitch did today is because the technical damage is done. Chart after chart tells the same story: a clean price gap and a squeaky-clean reversal pattern. Hey, Jerome. Eat THIS.
Even more thrilled is the technical damage done against the banks, which the criminal Powell is supposed to protect, no matter how much the American people are made to suffer. The banks are, of course, co-conspirators with the Fed.
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