Had I read a book last year depicting the events of 2020 up to date I would have probably laughed out loud and insisted that such a scenario was safely in the domain of conspiracy theorists. As this is not a political blog I prefer to keep pertinent opinions to myself and this post will be no exception. Rather it serves as an avid reminder that dramatic events or situations we consider to be ‘impossible’ or ‘unrealistic’ seem to be occurring much more frequently than probability theory would suggest.
Last Friday I warned my subs to not yield to the bearish exuberance peddled across the financial MSM and to instead consider exploratory positions in select tech related symbols. Like the rest of you I don’t have a crystal ball. But what I do have is access to over half a century of statistical data which strongly suggested that week #40 had good odds for a short squeeze. At least judging by the overnight session a first attempt to bang the open into a gap appears to be in the works.
The Brotherhood Of Organized Market Megalomaniacs (BOOMM) has informed me that I have not been acting sufficiently nefarious as of late. Well that all ends today as market conditions have finally opened a door to claiming my well deserved share of ill-gotten gains. In somewhat related news I am currently looking for a small number of well trained minions willing to do my egregious bidding.
I’m aware that I may be eating my words in the not so distant future but alas: I just took a gander at my market momentum charts and none of them are even close to bearish territory, quite on the contrary. In fact what I’m seeing at the current time is simply the natural process of correcting a market that got a wee bit ahead of itself in late August.