It took just two days (today and last Friday) to wipe clean 11 days of bullish “progress.” Indeed, today on a big television monitor there was some wildlife footage of some bear cubs playing, and I naturally was completely charmed by what I saw. I mused about the difference between real life bears and bulls. The bears are playful, intelligent, good-looking, and delightful to watch. Bulls, on the other hand, are huge, ogre-like creatures that push out – – what else? – – bullshit. I’m glad to be a bear.
In any case, I’m calling it a day, but I notice (with some nervousness) that the ES is banging right against the level I considered to be support. If we’re going to make any more progress, especially with the awful 2-day FOMC meeting commencing, we’ve got to break through this level with gusto.
I am, as always, even more obsessed with crude oil, which I think is in a better position to keep the weakness going. I confess, having two fantastic back to back days feels like something out of a science fiction movie at this point. Dare I ask for a third?