I've been saying for weeks now that there would be a ramp-up to the Inauguration and that we would sink after that; this speculation was based on the anticipation of the public psychology, aping the same kind of behavior pre- and post-Election.
Well, you've probably figured out no "ramp up" has been happening. This had me puzzled, but a thought occurred to me: what if whatever buying support that might exist based on such an anticipation is simply holding the market up from even worse levels, and we do in fact see an acceleration of the drop after the Inauguration? I'm still a believer in "buy the rumor, sell the news," and I believe faith in "the New FDR" is as strong as ever. Perhaps a tumble after 1/20 is still in the cards. We'll know in a week!
Setting aside such musings……….I've gone long /ES at 832 with a stop at 828. All my other positions remain in place (pretty heavily on the bearish side). In spite of the market's drop over the past six days, I looked through all my "long shot" candidates, and unlike late November, when opportunities were everywhere, I only found a few symbols of interest on the long side, with stop prices shown after each:
AIB 4.56
ALD 2.94
APL 4.67
BLC 1.46
EP 6.74
GFIG 2.99
MGI .89
STX 3.98
TEN 1.95
YSI 3.47
That might seem like more than "a few", but on December 1, I had so many prospects that I had trouble buying them fast enough. As it is now, the pickings are leaner, and believe me, those symbols aren't anywhere close to slam-dunks.
