Quite a night, eh, folks? I honestly can’t remember anything like this since the financial crisis, and even then, I think last night was wilder. I actually kept semi-dreaming that the ES had turned green. It, umm, hasn’t.
My pack of dogs wants their walk, but before I do that, I’ll share a few charts with Yellen Body Parts ™ as a supplement. First, here is the ES, which had been locked limit down at one point, but now, as the turds at CNBC might say, is “off the lows.” It’s astonishing to me that just after the close yesterday, it was at the highest levels in human history.
I guess my prediction that DXJ would fall (made on April 20th) had some merit to it; thanks, Head and Shoulders! I confess, I am envious of a market that can GO down and STAY down (as I glance over at the SPY, which is down fifteen hundredths of a single percentage point as I’m typing this).
Well, I guess we’re at the part of the famed Disney classic Old Yellen in which she has clearly been struck with rabies and needs to be shot. I’ve marked a few failure-points on the charts below with a cyan tint………..there’s equities:
Way back on August 14th of last year, I offered up the idea to short SolarCity which, as I put it, had “nothing but losses and a really overhyped CEO”. Well, it was a pretty wild ride since then, but on the whole, that short idea has worked out rather well! (I’ve marked the post with an arrow)
As for today, FRGI is my one bright spot, since I suggested it only on Sunday and it’s getting blown to pieces. As for the day in general………..well……..kinda sucks, don’t it, bears?
This weekend, as I so often do, I put together some videos of short ideas. I just noticed in after hours trading that Fiesta Restaurant Group, which was the very first stock mentioned on Sunday’s video, is doing this after hours: