I just finished reading More Money Than God, which is a wonderful overview of the history of hedge funds. It's a really entertaining read – right up there with Market Wizards – and I'd describe it as a combination of financial history, amazing market anecdotes, and a bird's eye view of the 2007-2008 financial crisis. I genuinely enjoyed this book, and if this kind of subject matter interests you, I'd encourage you to get it.
Speaking of books, thanks to those of you who have ordered my book – – it popped up to the #1 spot of Online Trading Books on Amazon yesterday.
As for the present market – – groan. The bulls have been punching the bears in the face since Independence Day.
I've drawn the various lines in the sand below on the /ES graph. As each of those levels are crossed – – magenta, cyan, and yellow – – the prospects of any decent down-move get weaker and weaker. It's going to take a violation of last week's low, tinted in somber grey, to give the baton back to the bears. Until then, the bears are going to continue to be the losers in equity markets. It wouldn't take much – – just a cross above that 1130 level – – to give the bulls another turbo-boost to higher prices.