I haven't been posting much of anything this morning because things have simply been going to plan. When things are going well, there's not much to say. There's not much to do, either, except tighten up stops. I will say that I've lightened up on my gold shorts, since those could be finding a soft area of support area here. Equities remain vulnerable until 880 on the S&P, so I'm letting all those positions ride.
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Snap-a-Dee Doo Da
It's been a super morning so far. Gold and oil are getting smashed (huzzah!) and equities are quite soft.
I think the bears are going to take the upper paw here. As I've said a number of times, 880 is my target for this little tumble. There isn't anything I'd be long right now, except for the ultrashorts. Here's the /ES:
The Retracement Awaits
Good morning, fellow Slopers.
A friend of mine told me a few months ago that it had reached the point where he was getting all his news straight off the Slope comments section. For me, that's become true as well. To borrow a term from the 1990s bubble, Slope has indeed become its own "portal". I first learned of the Madoff scandal right here, and I even learned this weekend that Slope got a mention in Barron's (thanks, Theresa!)
Looking at the market pre-open, we've got a nice 10 point drop in the /ES and, just as important, continued weakness in the EUR/USD (shown below). As I said last week, it's been a long time since my portfolio has been so bearishly aligned; I even threw my commodity longs under the bus. A return to about 880 on the S&P would be healthy for bulls and bears alike.
