Military Melania - 8/26/20

Night 2 of the RNC last night. Headlined by Melania Trump, dressed up as "Military Melania" in  dark green jumpsuit with leather belted waist and square shoulders. It was a strange look. 

Her speech was long and rambling. But overall, not the worst or strangest of the convention so far. Her interactions with Donald were strange and cold. But night 2 of the RNC wasn't as horrendous and strange as night 1. Don't worry, Mnuchin was there at Melania's Rose Garden speech just in case anybody needed a "big check".

Stocks are looking flat to up this morning so far. But don't worry....

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1) .....there's no bubble in the Nasdaq. Oh, wait...

2) The Fear & Greed Index has swung toward the greed side lately.

3) Interesting data on NY subway ridership. Probably pretty true for public transportation across the country.

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My goal in the coming days is to reduce gross exposure pretty drastically. I can take off my RYT/XLK pair trade to reduce gross exposure by 10% in one go. And my big 8% utilities basket trade could come off. After that, it gets harder to cut exposure as quickly. So some of the trades have to start working. And I think they will, but we'll see.

Pretty simple plans for the day. Month-end is coming. I might be adding to GLD and TLT while reducing the other positions, so be warned.

In the meantime, good luck today!