Cheerless, 23rd December 2022

🖼 Daily Technical Picture 📈

➤ Equity prices made no further headway. Instead, a large Bearish day threatened to add to a Cheerless Christmas. Price managed to recover some losses by end of trading day leaving things in the lurch.

➤ NASDAQ is performing miserably. It's almost back to the lows of the year. One shouldn't be surprised it is lagging so badly. Used to being valued with a zero % interest/discount rate the exact opposite narrative of higher borrowing costs for longer is now firmly entrenched.

➤ I currently hold +68% long exposure. The maximum portfolio exposure is +/- 200% on capital, the level of highest conviction.

➤ Conclusion: Belated Christmas Rally anyone?