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Well, here's one of my three little chicks, celebrating this wonderful morning with me. This one is named Alice (as in Alice Waters):
My chicken-like decision to close my FXP and SKF longs turns out to be good so far. I am continuing to go through my positions, trimming very slightly here and there.
Slopers,
I'm going to be uncharacteristically quiet this morning. This is one of those nice lunges that we all live for, and I'll be going through all my positions and tightening up my stops.
I will note that I've taken a few very large positions off the table – – my /ES short, my GLD short, and my FXP long (huzzah!!). I do think we may be at a very nice place to take some short-term profits all the table, but the market is finally starting to get shaken in a way that will give our bullish friends some pause.
In any case, this is a good time to carefully evaluate positions. I notice JNK has had a smashing shattering of its trendline, which is terrific. Anyway, I'm going to be quite busy, so tawk amongst yerselves
Well, it's coming up on 1 in the morning, and the /ES is down 14 and the /NQ is down 20. It brings back such fond memories of last winter!
I usually don't have much success with Fib Arcs, but this one looks really intriguing.
And, with that, I'm going to bed, and I'm looking forward to a good Monday.
Here is a minute-bar graph of the /ES for about the past month………
Notice the tinted areas. Each of these represents successive ranges that have been established, none of which has been violated to the downside, and each of which precedes a successful push higher. It is no wonder the bulls are feeling so confident.
Any break below 985 breaks this month-long trend and gives the bears an easy 25 points on the downside. So keep an eye on that level.
The Bear family is now three souls bigger – – – we now have three chicks which will grow into egg-laying hens. They're just a day old and cheeping away. My lifelong yearning to eventually become a gentleman farmer just took another baby step.
