Well, I confess I had forgotten what it felt like to bank profits on a daily basis. It’s a nice feeling. Of course, the anti-Christ Yellen has done a fine job yanking away such feelings in times past, so naturally I’m nervous about Wednesday. All the same, these little BTFD rallies keep failing, which warms my heart.
The small caps are approaching support. Of course, my hope is that the trendline does, in fact, break. The FOMC will settle that matter, I think, one way or the other.
What’s been particularly helpful for me lately is that I am heavily concentrated in energy and financial shorts. Financials are really starting to throw off smoke. Lincoln Financial, a favorite of mine, managed to break its own trendline today. With the strength that bonds are showing, I think banks/brokerages could really be in trouble here.