Steady Progression

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Technical analysis and charting are, of course, subjective creatures. I feel very alone right now, since even among bearishly-inclined chartists, everyone is saying the bottom is in. Even our friends in Gainesville, weary, I suppose, of calling it wrong for so many years, are too timid to predict any decline more than one or two percent, and they are crystal-clear in their declaration that new highs are on the way.

For myself, nope, that isn’t the case. I’ve got 50 shorts and 50 more I want to short. Short-term, while the bulls are hugging and kissing each other from the bounce yesterday, what I see is a steady progression of lower lows and lower highs. Trump is going to fail, and, although he’s quite unaware of it, he’ll usher in the market the bears have been yearning for nearly a decade now.

0328-es