It's been a long time since I've been so pleased to see a strong opening. I came into the day with large long positions in TBT, GDX, and IWM. The Dow 30, shown below, suggests to me that the "bounce" I am ceaselessly talking about is a little more than 50% complete, and the GDX, shown as the second chart of this post, is nearing the underside of its channel too.
The drumbeat I am hearing is "they will print", and sure, they will, but they also already have. People are treating the idea that the Fed will puke up new "money" as some kind of revelation. It's just more of the same. The charts I look at are jumping-up-and-down short opportunities, provided we get to the levels I've been talking about. Today is a important and constructive day into fooling the world that Everything Is Just Fine Again.
