Just a quick late-night post, now that earnings are out. Four big announcements came out – Starbucks, Intel, Microsoft, and Google (oh, sorry, Alphabet) all announced, and judging from after-hours trading, the results were nothing to write home about. The NASDAQ has been lurching to lifetime highs on a daily basis, so it’ll be interesting to see how the $NDX reacts during normal market hours to all these not-so-spectacular reports. We’ve got a shooting star on the NQ as I’m typing this:
As for the ES, the surge on Wednesday brought us just beneath the broken trendline, and we remain there right now. The arrow emphasizes how we’ve tagged the trendline, which is now acting as resistance instead of support.
This Trump surge insanity has definitely compelled me to lighten up, and I don’t intend to get aggressive again until I see some clear signs of fissures. The “Trump financial honeymoon” is still in full swing, and I’m wondering how long it’ll take the people of earth to realize what’s actually coming up. Until that time, I’m staying safe and nimble, being about 90% committed in a hodge of thirty-six carefully-selected equity shorts.