Slope of Hope Blog Posts
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It’s not about today’s Dollar & Treasury markets safe haven bid, it’s about tomorrow’s confidence in our monetary system.
As of 2:00 pm today (Wednesday), and further to my post of October 9th, price in equities has plunged to the next major support level of 60.00, after failing to hold a critical level of 100.00, as shown on the 20-Year Daily ratio chart of SPX:VIX below.
Price on this ratio chart now sits at levels seen during the 2008 financial crisis. A break and hold below this level could, indeed, cause some panic selling in equities…one to watch very closely over the coming days/weeks!
I’ll post an updated chart after the market closes today…check back here for the update.
I’ve covered a lot of positions this morning, and I’ve left the shorts in place that I think will survive a bounce. I’m long variety of items, but I’m less exposed on the short side than before. I really, really, really hope we have the beginnings of a bounce. I’ll write more this afternoon about my best guess.