May Fortune Favor the Foolish

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I had a terrific day – – the best in a long time – – but I have very little to say about the markets. The sectors I am short are doing especially well (energy, banks, and – – as Slope Plus users know – – airlines) and I find what’s happened with the ES recently fascinating:

0802-es

Specifically, we had a false bullish breakout on Sunday/Monday (green tint) and then we failed support (magenta) today. Most importantly, during the inevitable and totally stupid end-of-day buying, it went precisely back to the level which is now resistance. God willing, it’ll hold, and we can have more than one stinking day of a down-move.

Finally, some people freaked since Gartman ostensibly went bearish. He didn’t.  For those who actually bother to watch the clip, they’ll see it’s just usually the mushy-wushy, namby-pamby stuff, which means no one can pin him down on being wrong later, and he specifically says he is not short ANYTHING. So if you think that’s bearish, well, fine, it’s your funeral.