Hanging Man or Hanged Bear?

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It's the hottest day of the year here in the Silicon Valley, and I just rode my bike many miles after dropping my car off for some service. So I'm not in the mood for a long post (the cutesy drop-then-surge today doesn't add much inspiration either).

Every index ETF has a hanging man. I don't put huge amounts of faith in candlestick patterns, since they are principally about the relationship between a single day's opening and closing prices, and I don't think that single data point makes a whole hell of a lot of difference. All the same, it's worth noting:


I am just about counting the minutes until this wretched month is over. I have ten long positions, one of which is (as usual) a very large SPY position as a hedge. The mega-risk to the bears, as everyone on the planet knows, is a zoom to 125.

The market is acting weirder every day. I, for one, will throw myself a little party when this month – and this quarter – are history. September's reputation as the month for the bears should permanently be executed.