Global Market Comments
May 3, 2019
Fiat Lux
Featured Trade:
(LAST CHANCE TO ATTEND THE LAS VEGAS MAY 9 GLOBAL STRATEGY LUNCHEON)
(APRIL 3 BIWEEKLY STRATEGY WEBINAR Q&A),
(SPY), (LYFT), (TSLA), (TLT), (XLV), (UBER),
(AAPL), (AMZN), (MSFT), (EDIT), (SGMO), (CLLS)
Global Market Comments
April 29, 2019
Fiat Lux
Featured Trade:
(MARKET OUTLOOK FOR THE WEEK AHEAD, OR ANOTHER LEG UP FOR THE MARKET),
(SPY), (TLT), (DIS), (INTU), (FCX), (MSFT),
(QQQ), (CVX), (XOM), (OXY), (TSLA)
This is one of those markets where you should have followed your mother’s advice and become a doctor.
I was shocked, amazed, and gobsmacked when the Q1 GDP came in at a red hot 3.2%. The economy had every reason to slow down during the first three months of 2019 with the government shutdown, trade war, and terrible winter. Many estimates were below 1%.
I took solace in the news by doing what I do best: I shot out four Trade Alerts within the hour.
Of course, the stock market knew this already, rising almost every day this year. Both the S&P 500 and the NASDAQ (QQQ) ground up to new all-time highs last week. The Dow Average will be the last to fall.
Did stock really just get another leg up, or this the greatest “Sell the news” of all time. Nevertheless, we have to trade the market we have, not the one we want or expect, so I quickly dove back in with new positions in both my portfolios.
One has to ask the question of how strong the economy really would have been without the above self-induced drags. 4%, 5%, yikes!
However, digging into the numbers, there is far less than meets the eye with the 3.2% figure. Exports accounted for a full 1% of this. That is unlikely to continue with Europe in free fall. A sharp growth in inventories generated another 0.7%, meaning companies making stuff that no one is buying. This is growth that has been pulled forward from future quarters.
Strip out these one-off anomalies and you get a core GDP that is growing at only 1.5%, lower than the previous quarter.
What is driving the recent rally is that corporate earnings are coming in stronger than expected. Back in December, analysts panicked and excessively cut forecasts.
With half of the companies already reporting, it now looks like the quarter will come in a couple of points higher than lower. That may be worth a rally of a few more percentage points higher for a few more weeks, but not much more than that.
So will the Fed raise rates now? A normal Fed certainly would in the face of such a hot GDP number. But nothing is normal anymore. The Fed canceled all four rate hikes for 2019 because the stock market was crashing. Now it’s booming. Does that put autumn rate hikes back on the table, or sooner?
Microsoft (MSFT) knocked it out of the park with great earnings and a massive 47% increase in cloud growth. The stock looks hell-bent to hit $140, and Mad Hedge followers who bought the stock close to $100 are making a killing. (MSFT) is now the third company to join the $1 trillion club.
And it’s not that the economy is without major weak spots. US Existing Home Sales dove in March by 5.9%, to an annualized 5.41 million units. Where is the falling mortgage rate boost here? Keep avoiding the sick man of the US economy. Car sales are also rolling over like the Bismarck, unless they’re electric.
Trump ended all Iran oil export waivers and the oil industry absolutely loved it with Texas tea soaring to new 2019 highs at $67 a barrel. Previously, the administration had been exempting eight major countries from the Iran sanctions. More disruption all the time. The US absolutely DOES NOT need an oil shock right now, unless you’re Exxon (XOM), Chevron (CVX), or Occidental Petroleum (OXY).
NASDAQ hit a new all-time high. Unfortunately, it’s all short covering and company share buybacks with no new money actually entering the market. How high is high? Tech would have to quadruple from here to hit the 2000 Dotcom Bubble top in valuation terms.
Tesla lost $700 million in Q1, and the stock collapsed to a new two-year low. It’s all because the EV subsidy dropped by half since January. Look for a profit rebound in quarters two and three. Capital raise anyone? Tesla junk bonds now yielding 8.51% if you’re looking for an income play. After a very long wait, a decent entry point is finally opening up on the long side.
The Mad Hedge Fund Trader blasted through to a new all-time high, up 16.02% year to date, as we took profits on the last of our technology long positions. I then added new long positions in (DIS), (FCX), and (INTU) on the hot GDP print, but only on a three-week view.
I had cut both Global Trading Dispatch and the Mad Hedge Technology Letter services down to 100% cash positions and waited for markets to tell us what to do next. And so they did.
I dove in with an extremely rare and opportunistic long in the bond market (TLT) and grabbed a quickie 14.61% profit on only three days.
April is now positive +0.60%. My 2019 year to date return gained to +16.02%, boosting my trailing one-year to +21.17%.
My nine and a half year shot up to +316.16%. The average annualized return appreciated to +33.87%. I am now 80% in cash with Global Trading Dispatch and 90% cash in the Mad Hedge Tech Letter.
The coming week will see another jobs trifecta.
On Monday, April 29 at 10:00 AM, we get March Consumer Spending. Alphabet (GOOGL) and Western Digital (WDC) report.
On Tuesday, April 30, 10:00 AM EST, we obtain a new Case Shiller CoreLogic National Home Price Index. Apple (AAPL), MacDonald’s (MCD), and General Electric (GE) report.
On Wednesday, May 1 at 2:00 PM, we get an FOMC statement.
QUALCOMM (QCOM) and Square (SQ) report. The ADP Private Employment Report is released at 8:15 AM.
On Thursday, May 2 at 8:30 AM, the Weekly Jobless Claims are produced. Gilead Sciences (GILD) and Dow Chemical (DOW) report.
On Friday, May 3 at 8:30 AM, we get the April Nonfarm Payroll Report. Adidas reports, and Berkshire Hathaway (BRK/A) reports on Saturday.
As for me, to show you how low my life has sunk, I spent my only free time this weekend watching Avengers: Endgame. It has already become the top movie opening in history which is why I sent out another Trade Alert last week to buy Walt Disney (DIS).
I supposed that now we have all become the dumb extension to our computers, the only entertainment we should expect is computer-generated graphics with only human voice-overs.
Good luck and good trading.
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
Global Market Comments
April 16, 2019
Fiat Lux
Featured Trade:
(WHY YOU WILL LOSE YOU JOB IN THE NEXT FIVE YEARS,
AND WHAT TO DO ABOUT IT),
(BLK)
Global Market Comments
April 15, 2019
Fiat Lux
Featured Trade:
(MARKET OUTLOOK FOR THE WEEK AHEAD, OR QE IS BACK!),
(SPY), (TLT), (TSLA), (DIS), (FCX), (GOOG), (MSFT), (AMZN)
Let me warn you in advance that I am only going off drugs long enough to write this newsletter.
This year’s flu has finally laid me low and let me tell you it is a real killer. Perhaps it is my advanced age that has magnified its effects. Then I developed an allergic reaction to the flu medicine I was taking. For a couple of days there, I was looking like the Michelin Man.
However, I did have a lot of time to read research. And what I learned was sobering.
For a start, we are fully back to a quantitative easing market. In one fell swoop, the Fed went from an expectation of four interest rate hikes in 2019 to none. By ending quantitative tightening early, it has cut the amount of cash it is withdrawing from the financial system from $4.3 trillion to only $1.5 trillion.
The Fed is in effect reflating the bubble one more time. And what do you do in a QE-driven economy. YOU BUY EVERYTHING! This explains why stocks, bonds, commodities, and energy have all been marching upward in unison this year even though that is supposed to be theoretically impossible.
Yes, the decade long liquidity-driven bull market may have another leg up to go.
A higher high inevitably leads to a lower low. The trades you are executing now may be akin to picking up pennies in front of a steam roller. We are clearly planting the seeds of the next financial crisis. But for now, the pain trade is clearly to the upside.
Those of who who traded through the dotcom bubble are seeing déjà vu all over again. Huge money-losing tech companies are now floating IPOs on a daily basis. This too will end in tears, which is why I have recommended to followers to avoid all of them. This is a sucker’s game.
There is a cloud behind this silver lining. After a ballistic 21.43% move in the Dow Average in four months, markets are trading as if risk is a thing of the past. The euphoria is here and complacency rules. That means the number of new possible low risk/high return trades out there has fallen to zero.
There is another cloud to worry about. The more excess stimulus the Fed provides the economy now, the fewer resources it will have to get us out of the next recession, which might be only a year off. As a result, everyone is long but extremely nervous. They are still participating in the party but are standing next to the exit door. Pent up volatility is building like a volcano ready to explode.
The other great revelation is that markets have been trading extremely short term in nature, only one quarter ahead of what the real economy is doing. So, a stock market meltdown in Q4 2018 discounted a collapsing GDP growth in Q1 2019 of a 1% rate or less. That is down 80% from a year ago peak.
The ultra-strong market in Q1 is anticipating an economic rebound in Q2, After that, who knows?
That’s why I am moving both of my trading portfolios for Global Trading Dispatch and the Mad Hedge Technology Letter to 100% cash positions in the coming week.
Last week was the week when Walt Disney (DIS) morphed from being a has-been media stock hobbled by a failing holding in ESPN to a dynamic company that is suddenly taking over the world. The reward was an eye-popping 25% move in three weeks, which we caught.
Copper demand is rocketing, off of soaring global electric car production. Each vehicle needs 22 pounds of the red metal, and 4 million have been built so far. That number reached 5 million by June. Take a second bite of the apple with (FCX) as well.
General Electric got slaughtered again, with an earnings downgrade from Morgan Stanley. It will take years to sort out this mess. Avoid (GE).
The 30-year fixed rate mortgage plunged to 4.03% and may save the spring selling season for residential real estate.
Apple Topped $200. It looks like the market is finally buying the services story. Stand aside for the short term. It’s had a great run, up 42% from the December low. I’m waiting for 5G until I buy my next iPhone, probably next year.
The Mad Hedge Fund Trader hit a new all-time high briefly, up 15.46% year to date, and beating the pants off the Dow Average. Good thing I didn’t buy the bearish argument. There’s too much cash floating around the world. However, my downside hedges in Disney and Tesla cost me some money when I stopped out. I was late by a day.
We are taking profits on a six-month peak of 13 positions across the GTD and Tech Letter services and will wait for markets to tell us what to do next.
April is so far down -1.50%, as my downside hedges in Tesla (TSLA) and Disney (DIS) cost me some sofa change. My 2019 year to date return retreated to +13.92%, paring my trailing one-year return back up to +27.22%.
My nine and a half year return backed off to +314.06%. The average annualized return appreciated to +33.65%. I am now 100% in cash.
The Mad Hedge Technology Letter has gone ballistic, with an aggressive and unhedged 30% long which expires this week. It is maintaining positions in Microsoft (MSFT), Alphabet (GOOGL), and Amazon (AMZN), which are clearly going to new highs.
It’s going to be a dull week on the data front after last week’s fireworks.
On Monday, April 15 at 8:30 AM, we get the April Empire State Index. Citibank (C) and Goldman Sachs (GS) report.
On Tuesday, April 16, 9:15 AM EST, we learn March Industrial Production. Netflix (NFLX) and IBM (IBM) report.
On Wednesday, April 17 at 2:00 PM, we get the Fed Beige Book Indicators. Morgan Stanley reports (MS).
On Thursday, April 18 at 8:30 the Weekly Jobless Claims are produced. At 10:00 AM EST, we obtain the March Index of Leading Economic Indicators. American Express (AXP) reports.
On Friday, April 19 at 8:30 AM, the markets are closed for Good Friday.
As for me, I am staying planted in my bed reading up on research and watching HBO until I kick this flu. After that, I should be good for the rest of the year.
Good luck and good trading.
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
Global Market Comments
April 8, 2019
Fiat Lux
Featured Trade:
(MARKET OUTLOOK FOR THE WEEK AHEAD, OR THE FLIP-FLOPPING MARKET),
(SPY), (TLT), (TSLA), (BA), (LUV), (DAL)
Easy come easy go.
Flip flop, flip flop.
Up until March 25, the bond market was discounting a 2019 recession. Bonds soared and stocks ground sideways. Exactly on that day, it pushed that recession out a year to 2020.
For that was the day that bond prices hit a multiyear peak and ten-year US Treasury yields (TLT) plunged all the way to 2.33%. Since then, interest rates have gone straight up, to 2.52% as of today.
There was also another interesting turn of the calendar. Markets now seem to be discounting economic activity a quarter ahead. So, the 20% nosedive we saw in stocks in Q4 anticipated a melting Q1 for the economy, which is thought to come in under 1%.
What happens next? A rebounding stock market in Q2 is expecting an economic bounce back in Q2 and Q3. What follows is anyone’s guess. Either continuing trade wars drag us back into a global recession and the stock market gives up the $4,500 points it just gained.
Or the wars end and we continue with a slow 2% GDP growth rate and the market grinds up slowly, maybe 5% a year.
Which leads us to the current quandary besieging strategists and economists around the world. Why is the government pressing for large interest rate cuts in the face of a growing economy and joblessness at record lows?
Of course, you have to ask the question of “what does the president know that we don’t.” The only conceivable reason for a sharp cut in interest rates during “the strongest economy in American history” is that the China trade talks are not going as well as advertised.
In fact, they might not be happening at all. Witness the ever-failing deadlines that always seem just beyond grasp. The proposed rate cut might be damage control in advance of failed trade talks that would certainly lead to a stock market crash, the only known measure of the administration view of the economy.
This also explains why politicization of the Fed is moving forward at an unprecedented rate. You can include political hack Stephen Moore who called for interest rate RISES during the entire eight years of the Obama administration but now wants them taken to zero in the face of an exploding national debt. There is also presidential candidate Herman Cain.
Both want the US to return to the gold standard which will almost certainly cause another Great Depression (that’s why we went off it last time, first in 1933 and finally in 1971). The problem with gold is that it’s finite. Economic growth would be tied to the amount of new gold mined every year where supplies have been FALLING for a decade.
The problem with politicization of the Fed is that once the genie is out of the bottle, it is out for good. BOTH parties will use interest rates to manipulate election outcomes in perpetuity. The independence of the Fed will be a thing of the past.
It has suddenly become a binary world. It either is, or it isn’t.
Positive China rumors lifted markets all week. Is this the upside breakout we’ve been looking for? Buy (FXI). While US markets are up 12% so far in 2019, Chinese ones have doubled that.
The Semiconductor Index, far and away the most China-sensitive sector of the market, hit a new all-time high. Advanced Micro Devices (AMD), a Mad Hedge favorite, soared 9% in one day. It’s the future so why not? This is in the face of semiconductor demand and prices that are still collapsing. Buy dips.
Verizon beat the world with its surprise 5G rollout. It’s really all about bragging rights as it is available only in Chicago and Minneapolis and it will take time for 5G phones to get to the store. 5G iPhones are not expected until 2020. Still, I can’t WAIT to download the next Star Wars movie on my phone in only ten seconds.
US auto sales were terrible in Q1, the worst quarter in a decade, and continue to die a horrible death. General Motors (GM) suffered a 7% decline, with Silverado pickups off 16% and Suburban SUVs plunging 25%. Is this a prelude to the Q1 GDP number? Risk is rising. You have to wonder how much electric cars are eating their lunch, which now accounts for 4% of all new US sales.
Tesla (TSLA) disappointed big time, and the stock dove $30. Q1 deliveries came in at only 63,000 as I expected, compared to 90,700 in Q4, down 30.5%. I knew it would be a bad number but got squeezed out of my short the day before for a small loss. That’s show business. It’s all about damping the volatility of profits.
By cutting the electric car subsidy by half from $7,500 in 2019 and to zero in 2020, the administration seems intent on putting Tesla out of business at any cost. I hear the company has installed a revolving door at its Fremont headquarters to facilitate the daily visits by the Justice Department and the SEC. Did I mention that the oil industry sees Tesla as an existential threat?
The March Nonfarm Payroll Report rebounded to a healthy 196,000, just under the 110-month average. Weekly Jobless Claims dropped to New 49-Year Low. Whatever the problems the economy has, it’s not with job creation. But at what cost? Of course, we have to cut interest rates!
Boeing successfully tested new software, even taking the CEO for a ride. Maybe it will work this time. Airlines will love it. (BA) shares have already made back half their $80 losses since the recent crash and we caught the entire move. Buy (BA), (DAL), and (LUV).
The Mad Hedge Fund Trader hit a new all-time high briefly, up 15.46% year to date, and beating the pants off the Dow Average. Good thing I didn’t buy the bearish argument. There’s too much cash floating around the world. However, my downside hedges in Disney and Tesla cost me some money when I stopped out. I was late by a day.
We are taking profits on a six-month peak of 13 positions across the GTD and Tech Letter services and will wait for markets to tell us what to do next.
March turned positive in a final burst, up +1.78%. April is so far down -1.76%. My 2019 year to date return retreated to +13.69%, paring my trailing one-year return back up to +26.59%.
My nine and a half year return recovered to +313.83%, pennies short of a new all-time high. The average annualized return appreciated to +33.62%. I am now 80% in cash and 20% long, and my entire portfolio expires at the April 18 option expiration day in 9 trading days.
The Mad Hedge Technology Letter has gone ballistic, with an aggressive and unhedged 40% long, rising in value almost every day. It is maintaining positions in Microsoft (MSFT), Alphabet (GOOGL), and PayPal (PYPL), and Amazon (AMZN), which are clearly going to new highs.
It’s going to be a dull week on the data front after last week’s fireworks.
On Monday, April 8 at 10:00 AM, February Factory Orders are released.
On Tuesday, April 9, 6:00 AM EST, the March NFIB Small Business Optimism Index is published.
On Wednesday, April 10 at 8:30 AM, we get the March Consumer Price Index.
On Thursday, April 11 at 8:30 AM EST, the Weekly Jobless Claims are announced. The March Producer Price Index is printed at the same time.
On Friday, April 12 at 10:00 AM, the April Consumer Sentiment Index is published.
The Baker-Hughes Rig Count follows at 1:00 PM.
As for me, I have two hours until the next snow storm pounds the High Sierras and closes Donner Pass. So I have to pack up and head back to San Francisco.
But I have to get a haircut first.
Incline Village, Nevada is the only place in the world where you can get a haircut from a 78-year-old retired Marine Master Sargent, Louie’s First Class Barbers. Civilian barbers can never grasp the concept of “high and tight with a shadow”, a cut only combat pilots are entitled to. He’ll regale me with stories of the Old Corps the whole time he is clipping away. I wouldn’t miss it for the world.
Good luck and good trading.
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
Global Market Comments
April 5, 2019
Fiat Lux
Featured Trade:
(APRIL 3 BIWEEKLY STRATEGY WEBINAR Q&A),
(SPY), (VIX), (TSLA), (BA), (FXB), (AMZN), (IWM), (EWU)
Below please find subscribers’ Q&A for the Mad Hedge Fund Trader April 3 Global Strategy Webinar with my guest and co-host Bill Davis of the Mad Day Trader. Keep those questions coming!
Q: I’ve gotten a lot of newsletters but not many trades. Why is that?
A: Perfect trades do not happen every day of the year. They happen a few times a year and they tend to bunch up. Most time in the market is spent waiting for an entry point and then piling on 5 or 10 trades rapidly. We’re letting our profits run and waiting for new trades to open up, so just be patient and we’ll get you more trades than you can chew on.
If you have to ask this question, you are probably overtrading. The goal is to make yourself rich, not your broker. The other newsletters that offer a trade alert every day don’t publish their performance as I do and lose money for their followers hand over fist.
Q: Are we on track for a market peak in May?
A: Yes; if we keep climbing up, eventually hitting new highs this month, then we are setting up perfectly for a pretty sharp pullback around May 10th. That would be a good time to get rid of all your longs and put on some short positions, certainly deep in the money put spreads—we’ll be knocking quite a few of those out in the end of April/beginning of May.
Q: Are you worried about the Russell 2000 (IWM) climb?
A: I’m not. If you look at the chart, every up move has been weak, and every down move has been strong. Looking at the chart, it’s still in a clear downtrend dragging all the other markets, and this is because small-cap stocks do poorly in recessions or market pullbacks.
Q: How severe and how long do you see the coming bear market being?
A: If history repeats itself, then it’s going to be rather shallow. The last move down was only three months long and that stunned a lot of people who were expecting a more extreme pullback. I don’t see conditions in place that indicate a radically deep pullback—25% at most and 6-12 months in duration, which won’t be enough to liquidate your portfolio and justify the costs of getting out now and trying to get back in later. They key thing is that there are no systemic threats to the market other than the exploding levels of government borrowing.
Q: If you had the Tesla (TSLA) April $310-$330 vertical bear put spread, would you keep it?
A: Probably, yes, because you have a $15 cushion against a good news surprise and a lot less at risk. I got out of my Tesla (TSLA) April $300-$320 vertical bear put spread because my safety cushion shrank to only $5 and the risk/reward turned sharply against me.
Q: Should we be buying the Volatility Index (VIX) here for protection?
A: Not yet; we still have enough momentum in the stock market to hit all-time highs. After that, you really want to start looking at the VIX hard, especially if we get down to the $12 level. So good thinking, just not quite yet—as we know in the market, timing is everything.
Q: Are you getting nervous about the short Disney (DIS) calls?
A: I’m always nervous, every day of the year about every position, and yes, I’m watching them. You are paying me to be nervous so you can go play golf. We may take a small hit on the calls if the stock keeps rising, but that will be offset by a bigger gain on the call spread we’re long against.
Q: When is the quarterly option expiration?
A: It was on March 15 and the next one is June 21. This is an off-month expiration coming up on April 18th, and that’s only 12 trading days away.
Q: If you get a hard Brexit (FXB) in the next few weeks, what will happen to the pound?
A: It’s risen about 10% in the last few weeks on hopes of a Brexit outright failure. If that doesn't happen, the pound will get absolutely slaughtered.
Q: If China (FXI) is stimulating their economy, will that eventually help the U.S.?
A: Stimulus anywhere in the world always gets back to the U.S. because we’re the world’s largest market. So, yes, it will be positive.
Q: Would you consider trading UK stocks under Brexit fail?
A: Yes, and there is a UK stock ETF, the iShares MSCI United Kingdom ETF(EWU) and you’re looking at a 20%-25% rise in the British stock market if they completely give up on Brexit or just have another election.
Q: What are your thoughts on the China trade war?
A: The Chinese are in no rush to settle; that’s why we keep missing deadline after deadline and all the positive rumors are coming from the U.S. side. It’s looking more like a photo op trade deal than an actual one.
Q: If we get a top in stocks in May, how far do you expect (SPY) to go?
A: Not far; maybe 5% or 10%, you just have to allow all the recent players who got in to get out again, and if the economy slows to, say, a 1% rate in Q1, that’s not a panicky type market. That’s a 10% correction market and what we’ll probably get. If the economy then improves in Q2 and Q3, then we may go back up again to new highs. We seem to have a three quarter a year stock market and therefore, a three quarter a year stock market. Q1 is always a write off for the economy.
Q: Do you still like Amazon (AMZN)?
A: Absolutely, yes—it’s going to new highs. And it’s also starting to make a move on the food market, cutting prices at Whole Foods, which it owns, for the 3rd time this year. So, it’s moving on several fronts now, including healthcare. There’s at least a double in the company long term from these levels, and a triple if they break the company up.
Q: If you bought the stock in Boeing (BA) instead of the option spread, would you stay long?
A: I would, yes. It’s a great company and there's an easy 10% move in that stock once they get the 737 MAX back off the ground again which they should do within the month.
Q: What do you think about food stocks with big name brands like Hershey (HSY)?
A: I’ve never really liked the food industry. It’s really a low margin industry. You’re looking at 2% a year earnings growth against the big food companies vs 20% a year growth in tech which is why I stick with tech. My advice is always to focus on the few sectors that are the best 5% of the market and leave the dross for the index funds.
Q: With the current bullish wave in the market (SPY), what sector/stocks do you think have the most momentum to break out another 10% to 15% gain in the next one to three months?
A: The next 10% to 15% in the market will only happen after we drop 5-10% first. I believe this is the last 5% move of the China trade deal rally and after that, markets will fall or go to sleep for six months.
Q: Do you expect 2019 to be more like 2018 or 2017? We know you are predicting the (SPX) will hit an all-time high of 3000 in 2019. Do you think it zooms up to a blow-off top in Q2/Q3 and then pulls back in Q4, like 2018? Or, do you expect a steadier ascent with minor pullbacks along the way (like 2017), closing at or near the year's highs on Dec 31? This guidance will really help.
A: I think we have made most of the gains for 2019. Only the tag ends are lifted. We have already hit the upside targets for most strategists, and mine is only 7% higher. After that, there is a whole lot of boring ahead of us for 2019 and the (VIX) should drop to $9. After complaining about horrendous market volatility in December, traders will beg for volatility.
Good Luck and Good Trading
John Thomas
CEO & Publisher
Diary of a Mad Hedge Fund Trader
