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- Coiled Spring Capital Mid-week update Sep 22, 2022
We have been traveling this week and apologize for not being able to comment much post the FOMC. Clearly, they were quite hawkish, and whatever professional investor, Guru, Furu, fortune teller, wizard, thought the FOMC would pivot after repeatedly discussing their intention to fight inflation all summer, had their heads in the sand. That cost their clients and followers a lot of money, but yet here we are.
For example, Cramer said on Aug 24th.
Since he said that the SPX is down 400 points. While technically we haven't broken the lows, the confidence he exudes undoubtedly gave his viewers a false sense of confidence to buy dips. Ouch!
3 weeks later....
My goodness, how does this guy still have a job? NOW he is worried about the Fed?
We have been bearish since late August and even discussed over the weekend that weakness continuation was likely.
Here is an excerpt from last weekend's report:
The DeMark weekly propulsion down target was almost hit (3734).
It's amazing how all the obnoxious bulls came out of their parents' basement in late Aug to tell us how much we sucked for advocating to sell longs and go short. We even had to block a few of them. In the words of Kool Moe Dee, "How Ya like me now.?"