The Gilmo Report

June 26, 2022

June 26, 2022
Energy names have been decimated over the past week. Not that it was a surprise, however, as I have been stalking these names on the short side in recent reports as potential next shoes to drop in the 2022 bear market. The chart of the Select Sector SPDR Energy ETF (XLE) illustrates the cliff-diving carnage and... Read More
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June 22, 2022

June 22, 2022
The seats of my pants have been worn thin over the past few days as the market has slashed back and forth, but at least I am not swimming naked. Swimming naked is what the crypto-crowd has been doing lately, and this remains a no-touch area of the markets. Systemic risk and the potential appearance of more cockroaches, as detailed in my last report, remain a significant headwind for what... Read More

June 19, 2022

June 19, 2022
After a day of upside debauchery on Wednesday, the punch-drunk market quickly forgot what it did the day before and was hammered on Thursday. I speculated in my last report as to how far any bear market rally from here could go given how much wealth and buying power has evaporated since the start of the year, and even before that. The amount of wealth that evaporated in Year 2000 was bad... Read More

June 15, 2022

June 15, 2022
Watching a massive tulip bubble pop is a fascinating activity. I wrote back in mid-May, when Bitcoin ($BTCUSD) was trading around $30,000 that it was an example of evaporating wealth, along with other tulip-manias of 2020-2021 like SPACs. As I noted at the time, “Retail investors have puked and gone uber-bearish because they have just been destroyed. As... Read More

June 12, 2022

June 12, 2022
The big story on Friday was of course the Consumer Price Index, which came in hot at 1.0% vs. expectations of 0.7% on a monthly basis. The media again screamed about how the inflation today is as bad as the inflation we saw in the 1970’s. They neglect to mention that back then the government used a much more onerous calculation for inflation which, if used today, would give us a CPI of... Read More

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