I’m having to carefully monitor my emotional state as it relates to my decision-making because things have been going far too smoothly lately. My portfolio is gaining in value day after day, almost irrespective of the market.

In spite of this giddiness, I’ll share another observation: the emerging markets, which I shorted yesterday in size, slipped beneath an important breakout level today, constituting a failed bullish breakout. This only adds to the body of evidence that – how shall we put this? – our president isn’t going to be tweeting out pointless braggadocio anytime soon about the wonderful things he is doing to the equity markets.