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Two hours to go, and it would do my psyche a mountain of good if we ended this day even a little bit in the red on the indexes. I'm showing a wonderful profit on my portfolio now, particularly on my GLD shorts and my FAZ long.
A very minor line in the sand is around 1027 on the /ES. A slip-away from this level would be nice, but with the most corrupt organization in human history running the show (I won't name names, but it rhymes with Bold Ran Blacks), you can't count on a damned thing.
Something interesting I've noticed about the widow-maker, SRS, is that it is, in spite of its nature, exhibiting a very unusual phenomenon among ultra-bearish ETFs: that is, it isn't withering away to lifetime lows. If you look around at just about any other ultra-bearish ETF, it is at levels never before seen. In some cases, scientific instruments are required to measure just how low the price is. But SRS, in this uber-uber-uber-bullish environment, is getting beat up "less bad":
Could this be a "green shoot" for the bears? Could be.
This very long-term chart of natural gas tells me two interesting things………
(a) There is certainly precedent for much lower prices, but……….
(b) We're at the support level of a major, multi-decade trendline.
Good morning, everyone. Here's hoping for a non-brutal week, eh?
I put together (at long last) my "big picture" page, which you can find permanently located here. Hats off to my chocolate connection in Paris, Royal with Cheese, for providing the superb chart.
