Daily Archives: April 27, 2017

Da Basics

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We’re four days into the trading week. For me, Monday was a “2”, Tuesday was a “3”, Wednesday was a “6”, and Thursday was a “7”. So……….progress. A week that started off vomit-inducing is getting better. I’d appreciate Friday being a 10, thank you very much.

The charts don’t necessarily point to that, however. The ES only needs to slip above that red line to give the already power-mad bulls another shot of elixir to create another phalanx of lifetime highs.

0427-es

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O Canada

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Since apparently our northern neighbor didn’t learn anything from the folly of the U.S. between 2002 and 2006, they have engaged in their own nutty real estate mania. Countless seminars and get-rich-quick schemes are cluttering the landscape, and I think we all know how this movie is going to end. For myself, I’ve taken to shorting those with a financial interest in this bubble, and my best winner so far is the Bank of Montreal.

0428-bmo

Oil Deliciously Weak

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First off, wholly unrelated to this post, I’ve got to express amusement about the latest Trump flip-flop, which is the NAFTA switch. Yesterday, we were going to leave NAFTA. I wake up this morning and see that he’s changed his mind. Not that I care – – seriously, it matters hardly an iota to me – – but I think this guy’s got Gartman beat on flip-flopping by a Manhattan mile.

Now, as far as crude oil, I thought it might hammer out a bottom and try to claw its way back up to the low 50s, but the poor S.O.B. is such sorry shape that it couldn’t even manage to do that for more than a couple of sessions (see circle). I’m still short XOP and three energy stocks, but I’m sort of wondering if I should consider going long ERY again. Here’s the front month:

0427-oil

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