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I realize on a day like this, it may seem the height of insanity to suggest shorting anything, but my raison d’etre persists. The consumer staples ETF, symbol XLP, is up 0.74% as I’m typing this, a far cry from the 2% the Russell is zooming. This is a very clean ascending channel, and I, for one, am shorting it. Into the breach once more, dear friends.
Well, we’ve crossed 15,000 on the Dow and 1,600 on the S&P. The bulls are understandably thrilled.
I’ve been quiet this morning. One might assume I’ve been hiding under my bedsheets. Tempting as that is, I’ve actually been busily getting my family dispatched to various and sundry transportation depots; I’ll be joining them this afternoon after the markets close.
I’m not going to be very prolific today (unlike yesterday, when I was cranking out posts left and right), but I’m going to publish my “big post” late this afternoon, after I give people a while to get sloshed at the virtual bar.
Hang in there, everyone, and congratulations to the bulls. You guys are buying drinks tonight.
Another marginal higher high on SPX yesterday, though that was a marginally lower high on ES. On the ES chart that was a retest of broken rising support for the last move and the overnight action looks like a bull flag, though it’s worth noting that at this point yesterday the overnight action looked like a bear flag. Support on ES this morning is in the 1586/7 area at the hourly 50 and 100 MAs: