And now you have lost a lot of money because you mistook the feverish gibberish of a political machine run by a Republican apparatchik for financial advice.
Did you know this about your Fox News dear VXX holders and doomsday disciples?...
"Roger Eugene Ailes (born May 15, 1940) is an American businessman and president of Fox News Channel and chairman of the Fox Television Stations Group. He was a media consultant for Republican presidents Richard Nixon, Ronald Reagan, and George H. W. Bush, as well as Rudy Giuliani’s first mayoral campaign in 1989.
Ailes served as a political consultant for many Republican candidates during the 1960s, 70s and 80s. His first such job was as media advisor for the Nixon campaign in 1968. He returned to presidential campaigning as a consultant to Ronald Reagan in the latter stages of the 1984 campaign. He is widely credited with having helped coach Reagan to victory in the second presidential debate with Walter Mondale, after aides Richard Darman and David Stockman bungled preparations for the disastrous first debate.
In 1987 and 1988, Ailes was credited (along with Lee Atwater) with guiding George H. W. Bush to victory in the Republican primaries, and the later come-from-behind victory over Michael Dukakis. Ailes scripted and (with Sig Rogich) produced the "Revolving Door" ad, as well as all of Bush's broadcast spots in the primary and general-election campaigns.
Ailes denies producing the so-called Willie Horton ad, which showed the face of the convicted rapist furloughed by Michael Dukakis. The ad was sponsored and funded by the independent-expenditure group National Security Political Action Committee (NSPAC), but the Democrats later charged the Bush campaign with illegally coordinating the ad with the NSPAC. The Federal Election Commission (FEC) investigated the charge, but deadlocked on a 3-3 vote, essentially clearing Ailes and the campaign of any legal wrong-doing. Ailes also came up with the "orchestra pit theory" regarding sensationalist political coverage in the news media, with the question:
If you have two guys on a stage and one guy says, 'I have a solution to the Middle East problem,' and the other guy falls in the orchestra pit, who do you think is going to be on the evening news?
Ailes's last campaign was the unsuccessful effort of Richard Thornburgh for U.S. Senate in Pennsylvania in November 1991. He announced his withdrawal from political consulting in 1992. Though he aided with behind-the-scenes speechwriting and coaching for both President and Mrs. Bush at the GOP Convention in Houston, Ailes did not work on the unsuccessful 1992 Bush campaign against Bill Clinton."
I am positioned net long, and trying to buy hedges here and there while protection is cheaper. I don't think you fight the Fed. I wouldn't short this market.
I expect us to get back to range trading once we find our short-term ceiling. A pullback is certainly possible. Consolidation makes a healthy market. I'll be getting to the sideline if this continues much into Dec without a little pullback.