Category Archives: Defeat

The Cartel Victory

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Well, OPEC day is here, and it looks like a deal announcement is at hand. Crude oil is rallying (and energy stocks are strong), so R.I.P. to my energy shorts. I will note, with mild interest, that in spite of this huge news coming out of Vienna, so far crude hasn’t even exceeded the horizontal I drew weeks ago. We’ll see if the actual announcement renders this line moot.

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The Persistent Ascent

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Well, I’m going to call it a day. It seems almost comic that not even two weeks ago, we were witnessing a limit-down collapse in equity markets around the world based on the prospect of a Trump victory. Who would have believed that, once those few hours of fear were shaken off, we would be in a blast-off cycle to lifetime highs across the board? It’s breathtaking (and, for the one or two bears left on the planet, nauseating). I don’t see what’s going to slow this down at any point. Dow 50,000, here we come. Here’s the ES as I say farewell.

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Unchanged

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Well, today was a drag for the bears (if there are any besides me left in the world), although after 7.5 years of this crap, it should be old hat by now. Even though the Fed changed nothing – – – let me repeat, NOTHING – – the market rallied as if some awesome good news had been dropped into its lap. The NASDAQ went up to its highest level in the history of humanity:

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All News is Good News

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Well, I guess we needn’t fret about my “dream a little dream” charts. The jobs report came out, and the market is higher. See, because if jobs were strong, that would mean the economy was strong, thus higher equities. But since jobs came in really weak, that means – – ummm – – well, I’m not sure what it means, but it also means higher equities. The logic is inescapable.

In any event, the daly ES is still fairly inscrutable, since we’ve been “drifting” for months now:

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