Beyond. Belief. With the Doha agreement having completely failed, sending the ES down 16 points last night, it is now well in the green and threatening to create a new high for the year.
Well, the damage to the bearish case is getting pretty bad. Even until yesterday, I could show you charts galore that looked ready to turn down. As it is now, well……..
It’s just heartbreaking……….and the ES has flown higher from even where this graph represents. Incredible. Yellen has nothing on this guy.
Today stunk for me. This chart of the IWM captures the pain nicely:
(As an aside, I’m actually not in any ETFs at all, but I thought the above chart showed the persistence of Tuesday’s lift-off; it’s like the small caps “knew” of Janet’s dovishness before she said a single word).
Well, after an emotionally exhausting day Thursday, I figured we could actually enjoy a normal trading environment for a few days before Yellen on Wednesday. Nope. For no particular reason at all, the ES has roared off the “Draghi Disappointment” lows from yesterday: