As I pledged on Friday, after my feckless (albeit profitable) dumping of QQQ puts, the NASDAQ is doomed at this point. My 25% profit became a “would have been” 125% profit, and the felicitous gods above get big giggles crashing markets after I exit them.
Since I am as good as my word, the NASDAQ, while not crashing, is certainly resuming its slide this morning:
The latest bloodthirsty attack by the religion of peace caused the ES to collapse by a tiny fraction of a percent for a couple of hours last night, but bulls seem to have a penchant for terror attacks, so all is well again. In spite of dead children and hundreds of injured innocents, the bulls are bidding up assets to prices never-before-seen.
As a chartist, I find the symmetry of these triangles rather interesting, although obviously I’d prefer we not break to the upside.