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The Friday night scene at Slope – – which seems to have bubbled into existence of its own free will – – is upon us again. And good for me, because I've got an afternoon full of activities and won't be doing any market commentary until early Saturday morning.
Set 'em up, Bo.
This is the trading zone I've set up at my vacation house. The funny part is that this week is absurd amounts of comfort and luxury, and the next week is a single room for the entire family (Stanford Sierra Camp). It's going to be a difficult transition.
My faith in my GLD short continues. GLD was strong this morning, but it's lost the push higher. You can see where it broken its trendline (circled), and it has struggled toward the underside, but it's failing.
My faith in my commodity longs has softened quite a bit. I sold my DBC position for only a $1,200 profit; I'm not complaining about a profit, but considering the size of the position, it was really tiny; but, like the S&P, the breakout isn't really materializing.
Well, this is probably the longest span between posts in a very long time, so I guess I really am on vacation (although at this very moment I have three monitors set up, flickering away).
Some folks might look at the green area tinted on the S&P below and figure we're in for a major breakout. I disagree. The breakout had its chance, and the yellow zone marks the failure. It's not a "plunge" failure, by any means, but it is no longer poised to explode higher as it might have.
I've been knocked out of a few positions this morning, including Microsoft, and I'm down about 0.9% on the day. I'll probably only say this about fifty more times, but posts will continue to be sporadic until July 4, but the wonderful community we've got going here will keep things going, I'm sure!
Just to make sure end-of-day readers are aware, I am going to be "summering" for the next couple of weeks, so things might be a little less frenetic here (Friday afternoons notwithstanding).
It seems to me that, for the short-term, the market is hemmed-in between about 910 and 935 on the S&P 500. The bulls have the full range of 880 to 910 as support (30 points of muck), and the bears have the full range of 930 to 960 as resistance (likewise, 30 points of muck). So things could be a bit ho-hum here. It would take something really dramatic (oh, I dunno, like a North Korean missile aimed at Hawaii?) to punch through one of those walls.
I've got packing and driving to do, so I'm done for the day. Thanks for being part of Slope, and hey, if you're a lurker – get in there and participate! Bovine and Brinkley can't do it all, ya know!
