More on this tomorrow but action in the bond market seems to support the view that a further decline – while possible – may not be in the cards. Accordingly, I closed out my short position having made enough money for a (cheap) dinner and a movie, lol.
This is NOT investment advice, but rather an answer to the question we asked last week “Do we shoot fish or do the fish shoot back?? Today, we sniped a few herring and got out with a tiny gain.
And George was very right – on the 12th to exit the short position. Tuesday was pretty big. If Fed doesn’t raise on Wed, could be another 1-2% up day but would hit USD valuation about 1% as well.
I do agree the potential for bottoming is close. I also feel the Fed may not raise on Wed due to the “hard” data versus soft. This might depress the USD value by .5 to 1 and push the market up.