Was That It?
Was that it?
Market participants will be asking themselves some version of that simple question in the new week, as equities look to rebound after an abrupt correction in world-beating US tech shares stoked fears of a deeper selloff.
For months, stocks scaled the wall of worry, shaking off bankruptcies, defaults, a small business apocalypse, a second COVID wave, the worst quarter for corporate earnings in living memory, an escalating culture war between the world's two superpowers, and violent
I love this: “While chatting with one seasoned trader over the weekend, I mentioned the distinct possibility of protracted social unrest and potentially destabilizing behavior from the current administration after election day. “The country is better than that.”
The country is not better than that. We are at a potentially destabilizing moment where we are putting ourselves at risk of tearing the West, and at a minimum, our country, down from the inside. The CIA did not cause the fall of the Soviet Union. Their own Secretary General did it. The same can happen here. This is the point.
Say prayers for a landslide, dear fellow readers, please.
Trump may be held up to a higher ridicule than a mere half million American deaths due to the coronavirus if the readily apparent climate change phenomena continue to expand exponentially. Another ‘Hoax’ disproven.
A Jeffersonian moment in time. McConnell will have to decide his legacy. I hope he is one of the Americans who is “better than that.”
Unfortunately I suspect McConnell wants his legacy to be that he held on to power to his dying breath.
As always, Trump is telling us exactly what he plans to do. He’s just not providing the specific details. Whether it is declaring a national emergency, invoking the Insurrection Act, or simply preventing mail-in ballots from being counted until each state must certify the results, is up in the air. But, look: in the past it would have sounded like ridiculous hyperbole to suggest that the results of an election could destroy the country. Not this time. Hopefully the markets can stabilize and restart the steady crawl upwards in the next week or two, because I only purchased half the puts on SPY I had planned to before the volatility took off. No matter what happens, I know I’ll still have to come up with $40,000 in January for my daughter’s college tuition! Need to be prepared! Anyone have any more sophisticated strategies to offer?
This week may offer another window to buy puts, eh?
I hope so. It seems like often the market gives you a second bite at the apple.