This Morning’s Log Entry: No Skinny-Dipping!


UK employment data surprised bigtime to the upside this morning, boosting the pound, while emerging markets are tanking on a Hong Kong downgrade by Moody’s and, more so, on fear over the possibility of a virus epidemic breaking out in Asia. The German Zew Economic confidence index blew away expectations to the upside (supports our Eurozone thesis, and our EWG position). U.S. equities traded lower early on, but have bounced back to even as I type (9am).

Absolutely we’re still experiencing an all-out buy-the-dip mentality, which will work till the ‘big’ money — via, for many, their algorithms — decides FOMO (fear of missing out) has run its course. Could be any of a number of catalysts, but when that bell finally rings (could be awhile!) it’ll get ugly in a hurry, I suspect.

Not a market to be skinny-dipping in!

“Only when the tide goes out do you discover who’s been swimming naked.” –Warren Buffett


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