I distinctly remember May 4th of last year. On that day, looking at the /ES, I thought what I was seeing was too good to be true. It was the most perfect inverted saucer top I had seen in ages. I stood up from my chair, moved to the other side of the room, and looked at the chart on my Big-Ass Monitor ™ at a distance and reached the same conclusion. I felt the market was finally going to fall and – – at long last – – over the next seven weeks it finally did.
I feel close to the same way right now. The lube-free prison punk assault I endured from September through February has diminished my enthusiasm about sweeping pronouncements (especially since some online dork might turn his nose up at my disposition), but I really must say – – particularly looking at the charts of the likes of QQQQ and GDX – – that we could be in for some very interesting times in the coming weeks.
When the swoon comes, I will not forgive myself if I don't gobble up as many profits as possible. I've waited far, far too long for this to let the opportunity pass me by unexploited. The trick, as always, is to not go "all in" until it is very, very clear that the tumble is finally transpiring. Up until now, I've been able to partake of some of the profits of the market's weakness. If we can cut below 2237 on the $NDX, things should start to come a bit more unraveled.
That's it from me tonight; no pictures, no video, no dancing girls. Just a few thoughts.