I am happy because my cute headline on New Year’s Day worked out. I am going to be happier with the gap fills if markets hold support and turn back up for a good bounce at least.
That is because I am now short nothing – having gotten rid of the SJB junk bond short – and am long INTC, MSFT and IWM along with some smaller items I’ve held right on through. These have been conspicuous for their relative strength, which makes sense since they were mostly bought for the seasonal aspect.
But the parameters are clear on the market. Now it can do its thing. I expect it to hold up for a bounce at least. We’ll see what reality has in store.
Meanwhile, the Gold-Silver ratio continues to think markets can bounce as well. It is rolling and not looking very threatening to much of anything… except the US dollar. Again, reality may have other ideas but by the look of things, markets are set up to bounce.
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