Thursday, September 22, 2016
Well, I made a quick ~12% shorting $VIX futures. But I dumped that position today because an intraday below 12 is where I sell, not where I hold or buy.
I mean, maybe I can make money shorting time premium, but I'd rather just put that money back into an S&P index ETF, now that I have 12% more of it. But for the time being, I think I'll hold cash til I can figure out whether the S&P wants to blow through its high, or turn back again.
Meanwhile, here's some news:
Calculated Risk - all the FOMC commentary you'll never read. Just read Ritholtz instead:
Ritholtz - income liftoff shows the recovery is real. This is all very, very good, so you should definitely buy S&P and hold right now...
Bespoke - bears rule the roost. That's even better. Working people are finally experiencing improvement in income, which means we're facing a good long period of consumer-driven growth - but yet bearish sentiment is still high. Damn, I can imagine we'll be getting one heck of a Santa rally this year!
Global Times - does high China debt signal an imminent crisis? He notes that Chinese debt is going towards different things from other countries' usual debt. I would add that before people shoot off their fucking mouths about $25T in Chinese debt, they should perhaps consider that this means somewhere there are $25T in savings collecting interest.
The Intercept - John Boehner now working as lobbyist for China. Which I guess is typical for Republicans: make a few million robbing the US, then go get a paid job committing treason against your nation.
BBC - Trump uses Skittles photo taken by refugee to argue against refugees. Good reason for kids to study Magritte, I say.