Due to a bout of overeating - why do fat people always cook so well? - turkey, I woke up too late today to take early profits.
I was able to close out shorts and reopen at slightly higher levels.
I am astounded at the goldilocks market, good news, bad news it does not seem to matter.
Market participants seem to be in the "Dont Fight the Fed" phase. But this is getting absurd. As usual futures were gunned and bulls have got to be feeling giddy with today's performance.
At some point, maybe not in my lifetime, reason will return to the market.
However, from this market observer's perspective, being long this market is riskier than bunjee jumping off a bridge.
Risk levels have just gone up. Who will be next? My guess is something is brewing in Greece and Eastern European countries intermediate term and longer term, I am certain China will deliver a shocker.
The U.S. carry trade just got a lot riskier as well from a currency perspective. It is clear that emerging markets represent higher risks than U.S. equities.
I will be focusing on shorting emerging market stocks and small caps.
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