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SPX filled gap below yesterday and that has opened the path to the next trendline target, which is rising wedge support from the early November low. That’s currently in the 2348 area. On the way is some support at an open gap into 2351.16. SPX 60min chart:
Since the god-damned bulls got eight years to suck off the government teat, how about we bears we an eight years of destruction and mayhem, just to even the score? I could really get used to a market like this, where my short positions fall every single day.
One other success is a long position, but don’t get fooled into thinking I’m bullish on anything except the complete failure of this administration. My triple-bearish-on-energy fund, which I’ve been screeching about endlessly, has really taken off nicely. Sure, there could be some backing and filling, but I think we’re into a whole new era for the energy sector. Yer welcome.
One of my gazillion shorts, Sally Beauty Holdings, continues to sink beneath its massive topping pattern.
I’m having to carefully monitor my emotional state as it relates to my decision-making, because things have been going far too smoothly lately. Slope Plus ideas have been rocking the free world, and my portfolio is gaining in value day after day, almost irrespective of the market.
In spite of this giddiness, I’ll share another observation: the emerging markets, which I shorted yesterday in size, slipped beneath an important breakout level today, constituting a failed bullish breakout. This only adds to the body of evidence that – – how shall we put this? – – our president isn’t going to be tweeting out pointless braggadocio anytime soon about the wonderful things he is doing to the equity markets.
