Oh, and on a wholly unrelated note, here's what took place this morning about a mile from where I'm sitting.
Herewith I present to you a couple of pictures that Vittorio was kind of enough to send me from the pre-Slopefest activities. The big event is tomorrow, and I'll be popping by for dinner (my affection for Vegas is well known, so set your kitchen timers). Thanks for a fantastic week, everyone, and I'll see a few of you tomorrow night!
Well, given my disposition, this is a "man bites dog" kind of post, but I've put together a large long position on the Euro via FXE, and I've also got a long position on crude oil (USO) for the ride. These items are, errrr, not much affected by Internet IPOs, and I think it's high time for a nice bounce.
I assure you, my ultimate goal is to short the bejesus out of everything in sight once we get a substantial lift in commodities. Until then, I want to try to benefit from some of the "extraordinary measures" that are bound to be taking place soon.
Now that, thank God, the Facebook IPO is behind us, effective immediately, new Federal regulations expressly ban the following terms within the fifty United States and its territories:
+ Adidas flip-flops
+ Any reference to Sean Parker
+ Any reference to the renouncement of U.S. citizenship by Eduardo Saverin
+ "Harvard dorm"
Your compliance is expected.
The Russell 2000 and The Transports Index were holding up relatively well in this downtrend, but that ended yesterday. On the RUT I've posted the H&S there a few times as it formed, and the downside target is at 720. On the chart you can see that the support broken yesterday was at the H&S neckline last year: