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In honor of Bill and Hillary “we can get away with murder – – and we have!” Clinton, I just wanted to toss out a couple of quickies (not out a 40 story window, as Clinton Foundation henchmen would do, but here on my little blog). First there’s Japan, which is following the path to destruction I laid out months ago……..just look at that target!
ES has been retracing somewhat overnight on Brexit fears and I understand that China’s debt to GDP ratio is now in the 250% ratio, which is roughly 50% more than Greece but still significantly behind the world leaders in insanely reckless fiscal policy Japan. Given that everyone knows nowadays though that this problem can be solved just by printing enough money to buy back the debt and cancel it I have no idea why anyone worries about these things any more, but for whatever reason markets are down and people seem to think that has something to do with it.
A retracement is overdue, and the first target is a retest of the daily middle band on SPX, which closed at 2083 on Friday. SPX daily chart:
I’m traveling until Thursday night, so I’ll be blogging with one hand tied behind my back – – but the show must go on, no matter what the conditions.
I’ll mention briefly how pleased I am that we’ve got an island reversal pattern on the ES. The whole “first trading day of July is up 84% of the time” pud-yankers got their wish, and the market went up for absolutely no reason at all, but now the air is coming out of the tires. With 80 shorts on, this is the kind of morning I like to see. I plan to get more aggressively bearish this quarter than I have in years, so hide the women and children.
Reflecting upon the completely bizarre turn of events last week, here was, in my estimation, how the week went for the bulls (a disaster and then, inexplicably, absolutely no harm done):
