Today is the last day of March. I'll be glad when it ends. I spent the greater part of March getting whipsawed via insane volatility. As usual it was not my powers of prediction that failed me so much as my trading ability or lack thereof. My powers of prediction are just fine thank you and as a result I will enter April with confidence.
Looking at the futures early this morning it looks like a flat open which is nice considering the headlines over the weekend. The Fed apparently will be granted new powers to regulate, pending congressional approval. Makes me want to vomit. The Fed needs to be stripped of it's power not given more. To me this news smells like a regulation shell game. There is absolutely no genuine intention by this administration to regulate anything especially financial concerns.
The whole idea to give the Fed more power reeks of an Orwellian air and scares the shit out of me. We are well on our way to becoming the Socialist States of America.
As for the market, I still think we consolidate some more before ultimately heading lower. Commodities are correcting here and I intend to wait before viewing it as a buying opportunity. Once I see some stability I will be a buyer of gold and agricultural commodities. Somewhat agnostic on oil though- the supply/demand picture is favorable but I expect demand destruction as a result of the recession.
Keeping an eye on technology as I think the sector will offer some nice shorting opportunities in the near future. The idea that investors can hide out in technology names as we enter a recession is pure fallacy.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment