A couple of things occur to me about the comments section: (1) there are probably eight people that make up 90% of the comments (2) given the rowdy nature of comments in the market's current state, God help the Internet if and when we actually have an honest-to-God tear 'em up bear market on our hands. This place will be utter pandemonium.
I seem to have gotten my /ES mojo back, since I'm able to hop in and out of positions with pretty consistent profits. The profits are tres petite, but they are profits nonetheless. For instance, during the dreaded 90 minute end-of-day silliness, I managed to bag three-quarters of a point on 20 /ES. Pretty sad, ain't it? But I'll gladly take the $750 instead of a loss, which is what I would be facing if I simply held on, thinking we'd get our typical afternoon pop. The bulls completely dropped the ball on this one, and as I type this, we are, for the zillionth time, ambling at 991.
Wednesday is going to be the typically interesting FOMC announcement day – – the 5th in a series of 8 scheduled meetings this year (the next one is September 23rd). As I say every time one of these comes around, get ready for the standard EKG-like tremors on your streaming charts.
But here's the key point – – I think this is a real fork in the road for July 8th to August 7th rally, because after the gymnastics are done tomorrow, it will either have been (1) a little dip prior to the resumption of the uptrend; or (2) a decent inflection point prompting a continuation of the selling we've seen over the past couple of days.
Take our old friend FAS, for example. As charts go, this looks pretty bullish:
But does that tinted area represent a pullback to create a safer entry for long positions, or will FAS suffer the same fate as its evil twin FAZ and simply having presented a false breakout before retching?
My positions remain steadfastly bearish. I did lighten up today by about half a million, but I'm still in a pure series of bearish positions, with the exception of my TOMO and GLG longs. I'll see you tomorrow morning!