It’s all momo, all the time out there today. There’s still a lot of underlying cratering going on in some of the highest flyers like our short, $TSLA, which isn’t getting any bid today, but overall, the theme is pedal-to-the-metal from the longs which has got the few shorts left alive out there scrambling on life support once again.
Bitcoin too, is, back in favor and trying to crack back above $900. Crazy times we live in.
Speaking of which — Long-run, this is why physical gold is a must-own protection for every portfolio: “Iran will be barred from accepting gold as payment for oil”
And watch this for some insights from 30,000 feet on this topic. http://youtu.be/OB7_bVWF-CA #PetroDollarCoercion4ever? #ConnectTheDots!
I don’t think Iran or any other of the Republican/Democrat Regime’s petro-dollar partners are going to be allowed to accept payment in Bitcoin either, hoohah!
I’ve covered my MS short now and I, frankly, figure that’ll mark at least a near-term top for the stock. Read my note from earlier –Trade Alert – Proven wrong.
I’m not going to jump and cover both of our TBTF bank shorts here, as I’m leaving JPM and GS in the portfolio as shorts for now. Those two stocks are, in particular, overbought and extended here and we’re not facing as nasty a loss on them as we are on the MS short. I’m going to put in a mental stop-loss for our JPM short at $60 though, and if it gets above that, you’re going to see me close the JPM short out also. GS, on the other hand, has been stuck around these levels for a long time and I’ll probably give it another 10% before throwing in the towel. On the other hand, of course, the banking system remains on unprecedented explicit and implicit taxpayer support even as it reports all-time high profits and if/when this economic/financial cycle does top out, the banks will be hit and hit hard, so if we can remain disciplined (unlike I was in the MS short), they remain good hedges for the many longs of our portfolio.
One other note from a TWC Subscriber in the chat room today:
November 26, 2013 – 2:01 pm
Is is just me or does it seem weird that there have been no International concerns lately? No Greece, no Italy, no Portugal, no bond buying incidents….just radio silence and momopalooza…makes me very nervous and antsy.
I’ll agree and I’ll paraphrase:
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