This will be my only post today because something something family obligations something something ungodly buried something no WiFi. OK?
Yesterday afternoon, after a trading friend of mine wrote me about the amazing change we’re seeing in the market, I wrote him the following (and I will note this was yesterday afternoon, long before today’s rally was even on the horizon); I’ve put a few bits in bold:
You are thoughtful and generous to share this with me, and in such deep detail.
I certainly will keep everything I’ve got two of crossed, even if it hurts.
It’s totally unscientific, but honestly, I have felt a complete sea-change in my own attitude about this market. Even when the Dow was at LIFETIME highs two Fridays ago, my attitude was “bring it on!”, and I assure you, I never felt that way before………at least not in the past four years.
So I’m no longer a scared bear. The simple reason is that the quality and quantity of bear setups is breathtaking. Honestly, I”ve looked at millions – yes MILLIONS – of charts over the years, and my brain does slowly learn – – – and I am walking around with a third leg from the excitement of what I see.
The thing is, queerly, I’m actually hoping for a big-ass rally tomorrow (painful as it might be), since it would be the most insane bull trap of human history. The patterns are almost bringing teams to my eyes. It’s the squishy/human version of what you are showing with your carefully-constructed charts.