Told Ya So (Twice)
10:40am EDT: I hate to be right about these things – but here you have it:
Dollar is up strongly today and seems to have formed a bottom (for now).
Meanwhile the SPX is up strongly on some bullshit news (which as you all know I fade).
Correlations can break any time and the ole’ buck has moved along with equities every so often in the past. Moral of the story: Don’t base your trading on correlations! Use them as ‘complementary information’ at the very most.
And why ‘twice’? Well, the market is up – of course – I keep warning you rats that we bears will have to sit through mor pain before the monster has been slayed. Give it time and wait for new highs before you start adding new short positions.
Long term, people, long term. I know you yank rats all have a shot out nervous system from decades of pigging out on high fructose corn syrup and jolt cola – but stick your fingers in your ears, close your eyes, then hold your breath and just for a second in your life try to think long term.
Anyway, I’ll let this craziness subside before I post an updated count – tape is too spasmodic right now. Also, I just got up – need a cup o’ tea first 😉