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Yesterday went almost entirely according to plan. All the short term buy signals that fixed on Friday afternoon made target, and SPX tested the broken H&S neckline and the 50 hour MA at the high. Where SPX went off script was the close slightly above the daily middle band, which caused some technical damage that needs to be repaired by a decent close back below the middle band today. At the time of writing that looks likely. SPX 60min chart:
Well, it’s a dynamite morning for me (and I could sure use one). I am not as fully loaded as I’d like to be, but my portfolio is up almost three times as much as the market in general is down, and that’s in large part thanks to crude weakening.
It’s so refreshing not to have to deal with any central banker yo-yos for a while. How I dread those Bank of Japan or Fed days (Draghi is so feckless now, I’ve stopped thinking about him), worrying about what mayhem they will unleash next. As it is now, the only “event” this week is the jobs report on Friday, and I think the whole world recognizes how made-up the whole “5%” thing is with the unemployment rate. A total “meh.” Who cares anymore?
In any case, earnings season is winding down, and there isn’t a single thing on today’s economic calendar, so people are simply left to ponder a world in which they have priced up even public utility stocks into the mid-20s on a P/E basis instead of, say, 5 like in the old days. After writing my “in your face!” post last night to the bulls, and seeing the ES and NQ actually creep up into the green yesterday evening, it’s heartening to see some damage being done in the pre-dawn. Anyway. Time to walk the dogs.
