Daily Archives: June 20, 2017

One More Heave …. Um …. Again

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I’ve had a gum infection this week and that has been affecting my sleep patterns and my powers of concentration. Hopefully it will mostly have passed by tomorrow, as it has definitely improved from yesterday to today.

I’m getting a post out before I go to bed tonight though because there is likely to be an important inflection point coming this week, possibly as soon as tomorrow, and everyone should be aware of that.

The short term picture on SPX / ES is that a triangle formed last week and broke up yesterday. I look at that more closely on the ES chart below but the way these generally work is that you see the initial break up (yesterday), then a backtest back into the triangle (today – possibly completed), and then a thrust up to a higher high, at which point we hit the inflection point that I’m looking at this week. When the triangle thrust ends the thrust is usually entirely retraced.

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Based on a True Story

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First off, I want to personally applaud the coolest new feature in SlopeCharts, which I announced yesterday, which is the preloading of data. What a joy this is! When I want to look at a watchlist, I just fire up Preload, go off and do something else for a minute or two (like get a fresh Blue Bottle), and go through my charts at lightning speed. The progress bar (below) shows how things are going.

0620-proge

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Price Per Bearrel

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My near-obsession with energy stocks continues to save my bearish butt from this otherwise insane cocaine-snorting, heroin-injecting market. Ever since the completely stupid OPEC love-fest ended, market forces (remember those? if you only trade equities this is probably new territory for you………..) were allowed to come back, and crude oil has been moving precisely the direction God Intended……..

0620-oil

I’m disappointed in myself that it took me THIS long to discover that it’s wiser to seek out markets where that 4’3″ white-haired troll doll named Janet Yellen doesn’t have a vested interest in completely propping it up with fake money.

Let’s see the thirties, crude! In the meantime, the entirety of my ETF portfolio is already positioned (and strongly leveraged) in the energy bear market.