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Greetings from a poolside in Orlando. I have just a few hours of my ostensible vacation left, and I’ll be composing a post about it for publication late today.
I’m having a not-at-all bad time in the markets. Yesterday I lost a very tiny bit of ground in the face of a hefty rally. Today, even with the ES green (and the NQ very green), my 63 shorts are serving me well, yielding firm gains in the face of perpetually moronic bullishness. I applaud my chart champs.
The move up this week hasn’t gone quite as I expected. As I said on Monday morning, there were and are 90% odds that the triangle that broke up on Friday would make a thrust out that would be fully retraced within days back to, depending on the draw, at least the 2080-5 area. I was expecting that retrace on Monday or yesterday, to be followed by another move up, but it hasn’t happened yet.
There is obviously a 10% chance that the triangle retrace won’t happen of course, but 90% odds are really pretty high so I’m assuming that we will see that retracement until demonstrated otherwise.
Just a quickie comment-cleaner as we await something more pithy from Springheel Jack……..
I remain bearish on energy and energy-related stocks. Crude has been stuck in a very tight range for the past seven trading sessions, following the big drop of July 6. The historic deal with Iran is obviously suppressing prices, since a tidal wave of oil from Iran in coming years will just add to the supply glut. As always, this is just background noise to the charts, though; keep an eye on a failure of Tuesday’s lows to get the tumbling resuming:
You may have caught the title’s little inside joke.
Sometimes you (well, I anyway) can look at a graph representing data that is a culmination of history (i.e. reality) and just let it settle in for some perspective and even some conclusions.
Whether these conclusions are right or wrong is subjective and open to debate. But what I see here when viewing the Prime Rate historical is summed up after the graph (graphs courtesy of Economagic, mark ups mine).
Controversial or not, Obamacare is now the law of the land. Depending on who you survey and how, rates are better for individuals than before, or they are more expensive. One thing is for certain, more and more people are being subsidized for health benefits than were before. But is this the real issue at hand?
I’ve always been told if the wheel isn’t broke, don’t fix it. In the case of socialized medicine, I believe we refused to address the real underlying problems with our medical system today. The system IS broken, and all we did was throw billions upon billions of additional dollars at that same system. This is not to say that everything about our United States healthcare program is a failure. In fact, I content that for emergency care and certain surgical procedures, we are by far the best in the world.
