Out the gate with gusto, the market acted great. But once again, when the move stalled, the selling began. Some of it is intentionally – lot of big traders are selling the rip, knowing it’s not hard to manipulate weak hands, even at this stage of the selloff. There is a ton of fear and panic in the air.
Major indices have had a tough time maintaining an early move, especially the Nasdaq, as higher bond yields help to erode a strong head start.
But for all the reasons to think we might be putting in tech bottom take a look at the account of the Speaker of the House.
Rep Pelosi bought a total of 50 out of the money calls on Apple (AAPL) and 150 out of the money calls on Microsoft (MSFT). The transactions totaled between one and two million dollars. One would say, it’s the kind of bet that would make a greedy capitalist blush.
But her timing would make a professional poker player blush as well, because as always, it appears to have been impeccable. Here’s the Apple buy (blue) and Microsoft buy (orange).
Maybe Nancy Pelosi knows something we do not know, or runaway inflation has her nervous as well. Between her husband’s gas-guzzling Porsche, and a house with the carbon footprint of a football stadium at kick off time, she might need to take extra risks to pay her energy bills.
Sadly, not many of her fellow Americans have the same luxury.
The good news is the market is oversold, and the great reset is moving along.
We can’t be as aggressive as he Speaker of the House, but we want to be opportunistic.
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