Massive Moves Today!
Well let’s just say mean reversion can be swift and hard! Most of the time this is indeed the case. The GFBP Positions Tracker has had a Long SP500, Long Russell2k and short Nasdaq butterfly in the program and today this fly has clearly busted out as both the indexes are flying with the R2k up nearly 6%:
As for the chart, we feel this move has been basing for quite some time and its safe to say that the big player is in today and this move is far from over as far as we can tell. Many are complacently long the Nasdaq and Tech and against the other indexes, well let’s just say that weak hand is obvious now:
Bond Yields are also flying higher up double digits across the boards with US 30Y and 10Y Yields up 14 basis points respectively :
Metals are getting hammered as well here today with silver down a chunky 7+%:
Alright we will be back with more later on, we hope you stay tuned, as we noted over the last month, the Election would not be decided on election night nor will this be over anytime soon. Expect positions to be ripped both up and down and expect main stream news to continue to promote Joe Biden. As our readers know we will continue to stand by our call on Election eve and this recount, much like 2000 will take more than a month to resolve, so plan trading and investing accordingly.
One last chart of World Market Cap, which today will pop higher once again, “Long Live QE, Long Live QE”
It’s no wonder socialism is becoming more and more attractive, one look at this chart should tell you why! #incomedisparity anyone???
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-Magnelibra Econemotions
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