I think today officially qualifies as a "bad day." The market exploded to new highs, and my beloved she-wolf, Nikita, died after fourteen years. I'm not going to post anymore today, but I'll see you in the morning. In honor of my sweet girl……..
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The S&P is just beneath its broken channel, which I consider quite important. I still remain short-term bearish.
Want to hear something sad, though? In my 401-k account, my ORBC position's profit is exactly matching my QID loss in that account. The thing is that my QID position is ten times larger than ORBC's and is an ultrashort, whereas ORBC is just a regular stock. That just goes to show you how potent these lottery plays can be!
The last time the S&P 500 was at 1,000+ was November 5th of last year – which seems like about twenty lifetimes ago. It's interesting that we pierced it today for a few minutes and are beneath it yet again. The psychological magnetism of big, round numbers is always something to behold.
You'll recall back in the 1970s how many times the Dow bounced off 1,000.
I'm not offering this as a reason for the S&P to go down from here – good God, I'm not that desperate for reasons. I'm simply mentioning it since the 4-digit S&P is sure to be getting plenty of attention.