Yesterday was day 2 of one of the most epic ramps in volume I’ve ever seen.
You had a degrossing of hedge fund long books, which means they took down their gross exposure. And another thing was a big drawdown (aka performance). This was one of the biggest degrossing + drawdown days, going back the last year or two.
That’s actually bullish in a bull market. You can see it was up 14% day-over-day, and up 76% vs. the 1-month average (which don’t forget, includes the election and the New Year, so a lot of volume).
The point of the matter is, there are problems out there. Not my problem, but their problem.
And that’s a big thing you want to take advantage of; don’t hyperventilate or have a panic attack.