Kick over the wall
Cause government’s to fall
How can you refuse it?
Let fury have the hour, anger can be power
D’you know that you can use it?The voices in your head are calling
Stop wasting your time, there’s nothing coming
Only a fool would think someone could save youIn these days of evil presidentes
Working for the clampdown
But lately one or two has fully paid their due
For working for the clampdown – The Clash
Investors were very excited yesterday about the bloodless coup that is planned for later this evening, when the Republicans plant to take back the wheel of this nation after taking a 4-year break from their last turn, which ended up in a massive collision that caused a 40-nation pile-up on the global economic highway.
Now they promise they’ve sobered up and learned their lessons and are expecting the voters to welcome them back with open arms and Wall Street could not be happier to welcome the new boss, who is the same as the old boss that let them operate free of rules and restrictions and not only bailed them out when their made gambling spree lost them $4Tn, but now wants to make sure they continue paying as little tax as possible as they reload for FCII (Financial Crisis II – I want to coin this phrase early).
We have simply been enjoying the ride (see David Fry’s chart above of yesterday’s wild action) and making money off the chaos. After all, if we are going back down the road that almost wrecked the Global economy just 2 years ago, we are likely to get another fantastic buying opportunity so we stay in cash and do our hit and run moves like yesterday, where I sent out an Alert to Members on the SPY weekly $118 puts, which came in better than we expected at .70 and made a near double by the afternoon, topping out at $1.39.
Why do I say better than expected? Because I called that trade at 6:03 am, 3.5 hours before the market opened saying: “Obviously, the move is to go short off the gate, using a line like 1,190 on the S&P as an on off switch. ” This is not about my ability to call…
