Greetings from California Barber Shop, where for $17 you can get the best haircut in town if you are willing to wait literally two to three hours for your turn. This place is totally old school, and in spite of its popularity, the two Cambodian chaps who cut hair here move along at the same snail’s pace they always have. Paradoxically, their slowness (and care) is what keeps people like me coming back. It’s the one pampering in my life I allow myself. And it’s all of seventeen bucks.
The downside, of course, is that I’ve been here for nearly two hours, and I’m still not in the barber’s chair. So, resourceful chap that I am, I found a Dell CrapBot 9000 ghetto laptop in my trunk and am cranking out a post for my beloved Slopers. This blog does not rest.
Simply stated, I am aggressively short, with an increase in my exposure on the short side today in the precious metals and energy sectors. That may seem odd, given their strength, but I’m a contrarian, after all.
On the Dow Transports, the opportunity is to meet the horizontal line or, even better, break it, whereas the risk, tinted in green, is receding in the distance.
The Dow Composite, whose pattern I’ve belabored relentlessly on this blog, remains fish-bound. The opportunity, again, in magenta, is deliciously close, whereas the risk, in green, is way the hell up there at the top of the fish’s body.
The true shining light for me is the ES, since that’s what I’m using as my most ambitious goal. In other words, my most wild-eyed dream would be for a trip down to about 1980. That is VERY ambitious in this totally fake, manipulated, perverse market, but, there, I said it.
My short position on miners, one day old, got augmented today, and the bearish engulfing pattern at day’s end was just what the doctor ordered.
As for the Russell 2000, it had been irritatingly strong for days, but today it finally succumbed. The opportunity (break the supporting trendline!) is much closer to the risk (pushing above the cyan and green resistance lines).
On a personal note, I found out that two people who had criticized me and my work are now stone cold dead. They died decades earlier than might have been expected, but honestly, except for my own private thoughts, I had nothing to do with their demise. I probably should be more troubled than I am at my reaction to the news of these two individuals, each of whom I learned about in the past twenty-four hours. The past six years have done terrible things to my soul.