Well, all the hoo-ha about Shemitah and the big collapse we’d see, ummm, today, apparently was another giant load of crap. Dennis Gartman has FAR more power over the markets than the Hebrew Calendar, and his repeated calls yesterday to short equities and go long bonds have led each of them to roar up and down, respectively.
One chart I’m watching with interest is crude oil which, like most things, went zooming higher today, but it seems to have lost its mojo. Since a lot of my shorts tend to be commodity-focused, this is a chart I keep on one of my screens at all times. If this triangle can just make a clean break, we’re in the clear.