It seems the world is maybe starting to get a little worried about the new direction of our once-great republic, as quotes have been red pretty much since trading opened on Sunday. Nothing dramatic, of course……..that type of thing isn’t allowed anymore. But at least the right color.
What I’m watching most closely is crude oil, which has been stuck in an ungodly boring range since December freakin’ First. Support is at 51.59 on the front month; if we can break that (miracle of miracles), we can really start to see some downside action on all these energy shorts.
As for equity indexes, we have been, for months it seems (although it’s not quite that long) completely range-bound. The good news for the bears, if you want to call it that, is that the breakout (green tint) fizzled out, and we’re just lingering in the doldrums.