Fixer Upper

Okay
Just a little pinprick
They'll be no more aaah
But you may feel a little sick
--Pink Floyd

Frank Shostak explains why more economic stimulus would be unwise. Regardless, I do believe that the primary driver behind the bullish price action since July 1ish is indeed rising expectations of another shot in the arm from government.

I have no doubt that another fix is heading our way. It's easy to argue that it's already underway (more unemployment bennies, etc). I do have doubts, however, as to its effectiveness. Like any addiction, our dependency on spending and debt are progressive, meaning that we require larger and larger dosages of stimulant in order to get high.

Not sure we have the capacity to handle the requisite dose this time around.

I slapped on a token amount of short exposure last week. While it may be a while for this bullish phase to play out, will be on the lookout for an opening to stage a more meaningful rendezvous w/ Boo.

position in SPX