Never Sell

I was fully prepared for ruin Friday. After Thursday’s drubbing I ate my last meal (an all cacao diet) and went to bed satisfied of having lived a full market life. There were some good times, weren’t there?

But the market is so artificial, while humans are just so knowledgeable (opinions how the Fed will lose control, etc.), that I remain the fool and risk imminent failure rather than flee for your varietal expectations of trouble. Why risk giving up too soon on the greatest easy money experiment in modern history? What's the point of a good party, if not to stay a little long? After rates spiked to higher highs Thursday, you knew big tech was done for (you in particular!). In reality however, the NDX held well above its lower levels from March 5th. When a market's truly sick, any negative news drives you straight to lower-lows. All better judgements aside, it’s another positive divergence in an environment still flushing with liquidity (and liquidity is your first driver of price).

You can be critical. You should be critical. This is not a sustainable socio-economic system. But frankly that’s been true my entire career (neer a hundred years). It’s only more unsustainable now, I don’t really know. But you learn in the hardest way that eventual outcomes rarely translate into imminent opportunity. A Ponzi scheme is only as bad as its last day of business. Fortunately, I remain an idiot. Take me out on a stretcher.

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