Was very wired last night after getting into town, started writing and couldn't turn it off. Stayed up way too late and I'm tired now. Kind of a market metaphor as well. It's been pumped up for so long that a long crash will probably be the result.
It's option expiration Friday and the S&P is in the middle of the page. It can slap around around all it wants and I doubt it will get to 1400 or 1358.59 which is all I'm interested in for the time being. It feels like a great day to take it easy, so I will.
Europe seems fairly quiet thus far, the dollar is down, and oil is higher. Probably the best contrarian news of the day is that a Qatari wealth fund recently added a 5% Tiffany stake. It is a myth that luxury goods are immune from business cycles. They feed on business cycles.
Also, hedge fund AUM has hit a new record.
WSJ said "The hedge-fund industry is bigger than ever before, after a market rally helped lift assets under management to a record." Notice the key words after a market rally helped. Rallies make people bullish. Declines make people bearish. The trick is to disengage from the crowd and act independently.
Monday will be here soon enough! I doubt today will be much more than an inside day.. A lot of oddness that no one is interested in trading but the bots.. Enjoy your week in Austin! I liked walking to the capital building at night! k
ReplyDeleteNap City today. Feel great now. Happy Friday :)
ReplyDelete