We're All Yen Traders
Tim Knight | Apr 12, 2017 05:30PM ET
The S&P 500 is still nicely configured for weakness. It’s slow going, but at least it’s south.
Gold has been just a powerhouse lately. It had an important success Wednesday, sailing right past its gap. I took profits on NUGT, but I’ve got a feeling that’s a decision I’m going to regret.
Wednesday's standout was oil. I’ve been sweating bullets about whether it was going to reverse — and it finally did. I'm loaded in energy shorts right now, including being long ERY and short USO. I'm not lying when I say that Gartman’s appearance on CNBC late Tuesday announcing how to take advantage of oil's bull market sealed the deal for me. I simply became more aggressive on the short side and it paid off.
We’re all yen traders, whether we know it or not. The Japanese yen *IS* the market these days and thanks to President Trump’s Wednesday pronouncement that the dollar is too strong, it has just added fuel to the fire. Thank you, Mister President.
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