Well, I've got to confess some relief to seeing green on my screen. It's not that I'm heavily positioned. I've got two long ETFs, which for someone like me is the equivalent of eating two peas for dinner. But it still feels good to be positioned correctly, particularly given all the recent gyrations.
So just a few random it's-still-pitch-black-outside-this-morning thoughts:
+ I was thinking fondly of Slope's Kooky Crowd last night as I saw gold was up yet another $60 (thank God it's in the final stages of a wave 5 of 5 of 5 of 5………cough cough).
+ Noticing that silver, which usually is up three times as much as gold on such an evening, was actually down, I surmised it would be an interesting short. It's down about 2.5% as I'm typing this, versus gold being up 1.75%, so it looks incredibly vulnerable. I guess the notion of silver as any vehicle for a "flight to quality" has been dispatched.
+ The entire day is going to orbit about what is announced at 2:15 EST from the Fed. I think worldwide markets, which have been mercilessly sold off lately, are desperate for something bold. It would be astonishing to think the members of the FOMC would sit around this morning to chat about their golf scores. Something dramatic has to be done.
Finally, some old timers here may remember the SLIX indicator, defined in the Slocabulary as "a fabricated indicator based on the popularity of Slope. Historically, a surging popularity of the blog indicates an imminent market reversal to the upside". Let me assure you, traffic pushed higher steadily last week, and yesterday's was a total blow-out (and, unlike ZH, I don't have my own server farm to melt down). So set your stochastics aside and recognize that SLIX is anticipating something big soon.
