My disinterest in the markets is reaching nearly unprecedented levels. Perhaps it’s foolish for a person whose livelihood is based on market analysis to make such a declaration, but I have a reputation for honesty, and I might as well adhere to that. The markets are annoying, tiresome, and have a completely “captured” feel to them.
Indeed, I got up at my usual time (4;45 a.m.), did my typical morning prep, took my dogs on a long walk, came home……….and went back to bed. It’s hard to overstate how weird that is for me to do that. It’s akin to Hillary Clinton deciding to return all her ill-gotten speaking fees even though she found some lovely dresses in a “petite” size that she’d love to buy since they make her look so sensational. It simply doesn’t happen. But it did today. I even stayed in bed for the first half hour of the trading day. It was actually kind of glorious.
All the same, I noticed the front for crude oil changed, so given that incredibly exciting event, I had to go through the exercise of re-drawing embellishments on the “U” chart since the “Q” chart was dead now. So I did…
Those horizontal lines are Fibonacci retracements, and now that we’ve escaped from the yellow zone, we’re bouncing within the cyan zone (having also broken the ascending trendline). My desire at this point is for some “event” (an inventory report would do the trick) to break us into the level level down, tinted in magenta. We’ll see. Until then, I’ll endeavor to stay awake and relatively engaged.
