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‘Savor The Moment’ Because February’s Selloff Was ‘An Appetizer, Not The Main Course’

|Includes: DIA, QQQ, SPDR S&P 500 Trust ETF (SPY), TBT, TLT

First thing on Tuesday morning (and remember, Tuesday is actually Monday for U.S. traders), we suggested that the mood was dour.

I mean look, the mood is guaranteed to be some semblance of dour after a long weekend in the U.S. Americans aren’t a forward-looking bunch. They don’t think about Sunday in terms of “tomorrow is Monday” or, in the case of this week, they don’t think in terms of “Monday is a holiday but Tuesday is not.” Americans think of Sunday like a fun sequel to Saturday – so, more drinking, more laziness, and pretending like work isn’t right around the corner.

[...]

But not everyone’s feeling that gloomy vibe. Former trader and current Bloomberg columnist Richard Breslow has the exact opposite read on things. “Today has a distinctly upbeat feel to it [and] that’s rare enough, so I’m going to enjoy it while it lasts,” he writes in his first missive of the week. “Equity markets have been moving around, but the action isn’t couched in dire terms every time there has been a dip [and] the coming bond auction deluge is being discussed in terms of appropriate concessions rather than who’s going to want all of this stuff,” he continues.

Full post here...

https://heisenbergreport.com/2018/02/20/savor-the-moment-because-februarys-selloff-was-an-appetizer-not-the-main-course/