I’ve taken a lot of small losses this year, trying to fade what I thought was irrational bullish enthusiasm – so it felt good to cash in some winning tickets this week. I’ll tell you more about that in the Short Term Trading section below, but first:
Did we just have a classic Soros Inflection Point? Did the markets over-react?
The consensus view was that the Fed meeting would be a non-event. But since that meeting, the US Dollar has had its best week since March of last year, gold is down $100, the long bond had ripped higher, the yield curve has flattened with a vengeance, and the Dow has tumbled to a 3-month low. Not exactly a non-event.