On that peach cobbler shit

So nothing has really changed in my market outlook since yesterdays post. Todays tape was a chopfest, hurting people leaning aggressively either way. Having said that I think we are due to go down further – we were oversold going into today and worked that off during the day. A meaningful bounce needed the bulls to step up today. The volume on our up days has been pathetic and on the selloffs has been far above average – this does not bode well.

All in all today was quiet, I sold ATVI – I’m through with that POS and wanted it gone – and added some GLD 140 calls. Yes, I know it up a lot lately, however I believe we see 1550 before the summer out. The mix of fiat creation and global instability as well as rich despots and those who supported them fleeing to untraceable stores of value provide us an environment where the PM’s will destroy all those who seek to stand against them. Another position I am looking to add to is ADV.VN – it will see $10 a lot sooner than most realize.

Tonight I bring you three short setups which I am considering to hedge some of my long exposure despite being largely long PMs.

The notes are on the chart. My personal favorite is GM. It looks broken here – in addition although I don’t normally care about anything but the price action it is worth noting that they recently reintroduced 5 year 0% financing on almost all of their cars AND dealer inventory rapidly expanding. The January $30 puts are currently going for 2.70. If you think this POS will out preform I have a sack that transforms rocks to gold to sell you.

TJWP

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