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Instead of a video, I just thought I’d share a few charts tonight.
Our deceased Ichthus chart is still one I am following with interest (this is, as you’ll recall, the Dow Jones Composite). The breakout is tinted in green. We have retraced to the pattern and, naturally, my fondest wish is that we break it down to the downside.
Old MacDonald had an oil farm, E-I-A, E-I-A, Oh!
With a stop run here and a stop run there,
here a stop, there a stop, everywhere a retail stop, E-I-A, E-I-A, Oh!
Wednesdays are Prince Spaghetti Day. They are also when the US Energy Information Administration releases its weekly petroleum status and crude oil inventories (except during holiday weeks). Check out the last 3 EIA news scam days.
Well, the Dow ended down zero point five eight percent, meaning that 99.42% of the bubble is still fully intact. In spite of this miniscule drop, ZH is breathlessly reporting that it is the worst drop in the Dow since January (wow! January! That was, like, a whole month ago!) and I, frankly, had a pretty damned good day. (Thank you, well-chosen short positions).
Let’s all keep in mind that the anti-ChristJanet Yellen has her big event on March 18-19, and that’s probably the biggest risk (or, perhaps, opportunity) for bears this month. Why this woman gets paid to do what she does is quite beyond me. In any event, earth’s financial dictator will have her little moment in the spotlight again, and we’ll all just have to cringe our way through it (particularly if, having learned nothing from the myth of Medusa, you actually have the video on too).
This has nothing to do with charts or the markets: it’s a request.
Near the end of the month, I intend to do an epicly long post celebrating, God bless us, the 10th anniversary of the Slope of Hope. As part of that, I am toying with putting together a little video of Slopers. If you’d be so kind to send me a photo of yourself along with your screen name, I’d be pleased to include it. Just send it along to email@example.com – and I thank you!
We’ve seen some weakness and the obvious support is at the daily middle band in the 2088 area. If we see a close well below that today then significant downside targets open up. Until then I’d be looking for support there. SPX daily chart: