What a week! I hope you survived the Quadruple Witching on Friday. It wasn't as volatile as I was fearing...I guess a lot of the heavy call option buyers knew they'd expire worthless after the selloff. I've got a few varying, random thoughts to discuss this week...but as always, let's look at performance from the prior week:
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U.S. Indices
Dow 0.0% to 27,657. S&P 500 -0.7% to 3,319. Nasdaq -0.6% to 10,793. Russell 2000 +2.7% to 1,537. CBOE Volatility Index -3.9% to 25.83.
S&P 500 Sectors
Consumer Staples -1.7%. Utilities -0.8%. Financials -0.2%. Telecom -2.3%. Healthcare +0.8%. Industrials +1.5%. Information Technology -1.%. Materials +0.9%. Energy +2.9%. Consumer Discretionary -2.3%.
World Indices
London -0.4% to 6,007. France -1.1% to 4,978. Germany -0.7% to 13,116. Japan -0.2% to 23,360. China +2.4% to 3,338. Hong Kong -0.2% to 24,455. India 0.0% to 38,846.
Commodities and Bonds
Crude Oil WTI +9.8% to $40.97/bbl. Gold +0.5% to $1,957.8/oz. Natural Gas -9.3% to 2.058. Ten-Year Treasury Yield -0.3% to 139.35.
Forex and Cryptos
EUR/USD -0.04%. USD/JPY -1.49%. GBP/USD +0.96%. Bitcoin +5.%. Litecoin -5.5%. Ethereum -1.5%. Ripple +0.4%.
Dow 0.0% to 27,657. S&P 500 -0.7% to 3,319. Nasdaq -0.6% to 10,793. Russell 2000 +2.7% to 1,537. CBOE Volatility Index -3.9% to 25.83.
S&P 500 Sectors
Consumer Staples -1.7%. Utilities -0.8%. Financials -0.2%. Telecom -2.3%. Healthcare +0.8%. Industrials +1.5%. Information Technology -1.%. Materials +0.9%. Energy +2.9%. Consumer Discretionary -2.3%.
World Indices
London -0.4% to 6,007. France -1.1% to 4,978. Germany -0.7% to 13,116. Japan -0.2% to 23,360. China +2.4% to 3,338. Hong Kong -0.2% to 24,455. India 0.0% to 38,846.
Commodities and Bonds
Crude Oil WTI +9.8% to $40.97/bbl. Gold +0.5% to $1,957.8/oz. Natural Gas -9.3% to 2.058. Ten-Year Treasury Yield -0.3% to 139.35.
Forex and Cryptos
EUR/USD -0.04%. USD/JPY -1.49%. GBP/USD +0.96%. Bitcoin +5.%. Litecoin -5.5%. Ethereum -1.5%. Ripple +0.4%.
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And the earnings calendar:
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Alright, now we can talk about a few things:
First and foremost, the passing of Ruth Bader Ginsberg. She may have been the most liberal of the Supreme Court Justices. I think she's most notable for wearing her politics so openly. I'm no judge of judges, but it's hard to say if and how her personal feelings influenced her rulings. Having a personal view is one thing, but ruling based on feelings not based on law and legal arguments is wrong. I'm sure she threaded that needle, just pointing it out. That said, she was instrumental in ensuring that women are truly independent and equal. Like being able to get a mortgage without a male co-signer. Equal pay. And other, general, gender equality issues that we take for granted. It's sad that the law didn't see men and women as equals until so recently, but such is the world we live in.
That Mitch McConnell and Trump will appoint and likely approve her replacement is horrible. They didn't approve Obama's appointees in 2016 - saying it was inappropriate to do in an election year. Well, it's an election year and they should follow their own precedent!
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I don't have much else to discuss. I expect more volatility this week. I like how I'm positioned - 3-5% short and 50% gross invested. It's a solid way to be set up. Weakness means I win..but I don't have to do much to get long (or shorter) and have tons of room to add exposure on either side.
Any how, good luck this week. It'll be fun!
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