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One thing I have always admired (and envied) in our host, it’s his top class ability to summarize clearly a trading idea in one single clean chart, so today I am going to make an attempt at copying Tim, to suggest that ES is now a WEEKLY SHORT trade (the rationale behind this setup IT’S NOT IN THE CHART HOWEVER, it was explained 2 days ago in this post).
I happened to see this sign while walking Coda around the Stanford campus tonight. It really does say it all.
What a crummy day for your beleaguered host!
The core problem, of course, was my idiotic refusal to accept the reality that if Gartman had turned bearish on crude oil, then the downturn was completely through. My portfolio is fairly heavily influenced by crude oil (in spite of me having no position in it directly), so the benefit that crude’s weakness had been giving me in recent days was totally ruined today. It was ugly.
Even worse, though, was what happened with small caps (to which likewise my portfolio is inversely correlated). Let’s take a glance at today’s action:
