DailyPlay Update – February 24, 2023

Investment Rationale

Quick story: On Tuesday I was in Manhattan attending a meeting at the NYSE. About 30 mins. before the start, I went to a sandwich shop nearby to the exchange to grab a quick lunch. This shop – like many other places in the city have added an extra temporary vestibule area in the wintertime outside their front doors to keep cold air from rushing into their establishments every time customers walk in or out.

I opened the outer door and quickly walked into the shop, not seeing the completely clear glass door of the shop itself. I banged into it nose and head first, which almost knocked me out, and as I tumbled to my knees slipping into la la land, my nose started gushing significant amounts of blood. I was trying to capture it in my cupped hands, but it was all over me and flowing like a river.  In my semi-consciousness, while still on my knees, I knocked on the glass door for help. Three customers came out to aid me, along with a member of the staff with some napkins for the pool of blood in my hands and face.

About 20 mins. later, I stopped the bleeding in their bathroom by applying pressure to my very aching nose. When it got to the point that it wasn’t still dripping much, I saw that I had a gash across the bridge of my nose, too. So, I asked for a bandage for that, as it was still dripping blood. Eventually, I got myself in a state of being to be able to leave the establishment.

Why do I tell you this? Well, on Wednesday I had to take the day off with a massive headache and doctor appointment to make sure that I didn’t have a broken nose or need stitches. And because this event still had my body in some state of shock and pain, I realized on Thursday — while waiting for the 2pm FOMC announcement – that it had come out the prior day – the same day to which I had been AWOL from the markets.

The good news for me is that the nose isn’t broken, nor did I need stitches. But I do have one heck of a shiner under one eye, and the headache and nose ache are still very much there. Therefore, I plan on a very quiet Friday and weekend ahead. See you Monday for the weekly outlook webinar.  – Rick

P.S. Getting out of the UNG trade yesterday was in no means my saying I’m now bearish natural gas. To the contrary, I continue to hold and scale down bid for more stock in my own portfolio for the long-term.