I don’t trust the market as I have mentioned a few times now. You all saw what happened today. Can it continue higher? Easily, but I don’t really care to find out at this point. Flat markets and flash crashes suck! Having said that, I would not mind buying $SPX on a 5% decline from highs for a pop.
Dollar looks like it wants to continue higher. South African Rand got destroyed today down -4%. One of the Emerging markets I mentioned earlier today, which is vulnerable to a strong dollar. $EEM was down -2.34%. We also saw a little pop in the VIX up to 15. In other words Zero fucks given. $GBPUSD I have over talked it to death. It’s wants to test Flash crash lows. So be it. I will say it one more time, in case you did not read my previous post. This is MMT stuff, UK exports demand to the rest of the World. A weaker Pound means less imports which will hurt exporters to the UK. World trade is already heading south, a weaker Pound will not help the situation. I hope the BOE continues to do nothing until their is no one left to buy (except me of course) and the shorts are left holding a bag of schitt! The trick is to remain solvent till then, which is not easy.
$Oil, Saudi TASI index will probably wake up tomorrow to more selling. It’s important it holds the recent lows. If not, it will be harder for them to cut production, which means we might see oil sell off a bit in the coming days.
“UNCERTAIN TIMES” we live in LOL!