Hi YXI friends,
The quote below on Bloomberg today brought a chuckle.
“It’s not easy to short this market because it feels like this rally is never going to end,” said Thomas Thornton, founder of Hedge Fund Telemetry, who has a small net short position in the S&P 500 and the Nasdaq 100 Index. “It’s painful and discouraging to get your face ripped off everyday.”
We have been marking this new bull market since late April (with the launch of our ML models in Bitcoin and Tesla). Most institutional investors were very behind on this call until late June. In Q3, you could see a notable chase as the market broke new highs.
But I must admit, the shallowness of the latest pullback has even surprised the bulls like me. It seems that market dips now only last one day (and generally on a Friday). Well, we gotta trade on what the market tells us, not what we imagine.
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