The market gives me my content, so the first thing I do when I wake up is see what’s happening in the markets and remark about it. With the /ES and /TF about just about 0.00% change now, there’s not exactly a lot to work with. This is kind of a special day, however, and I’ve got a post regarding that for after the close.
In the meantime, I’ll say that the NASDAQ is still range-bound, having roared from the lowest part of its range only two days ago until nearly the top right now. I won’t even bother which direction I’d like it to break, although my portfolio has been NASDAQ-light for years.
Maybe because it’s I am a Knight, but I don’t think any single book, play, or other work of art has had more influence on my worldview than Camelot. That may seem ridiculous, but it’s true. Below is the production HBO did of it back in 1982 with the marvelous Richard Harris, and I’ve watched it countless times. Enjoy:
Technical analysis and charting are, of course, subjective creatures. I feel very alone right now, since even among bearishly-inclined chartists, everyone is saying the bottom is in. Even our friends in Gainesville, weary, I suppose, of calling it wrong for so many years, are too timid to predict any decline more than one or two percent, and they are crystal-clear in their declaration that new highs are on the way.
For myself, nope, that isn’t the case. I’ve got 50 shorts and 50 more I want to short. Short-term, while the bulls are hugging and kissing each other from the bounce yesterday, what I see is a steady progression of lower lows and lower highs. Trump is going to fail, and, although he’s quite unaware of it, he’ll usher in the market the bears have been yearning for nearly a decade now.