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Typically when things are going great, I think about just how low things could go or how bad things could get. I’m going to do just the opposite today, since that f*cking b*tch Janet Yellen has a way of mucking up all my plans, and instead will think about danger points for bears tomorrow (that is, Friday).
I am presently short seventy-three different positions, almost all of which are deeply in the green. However, looking at the ES, it is approaching a supporting trendline that spans back for many months.
From what I’ve been hearing on the news I’m assuming that this week is International Overblown Hyperbole Week so I have given a nod to that in the title today.
Back here on earth the trend down day today has cleared out some support levels and SPX may well be starting a daily lower band ride, though obviously that will need some follow through tomorrow.
I’ll skip the futures charts today and expand on the index charts as it now seems likely that this much delayed pullback is at last getting started. If you would like to see the futures charts that I was looking at this morning they are on the my premarket video for Daily Video Service subscribers at theartofchart.net. I posted that on my twitter before the open and if you missed that then you can see it here. Other instruments covered in the video as well as ES, NQ & TF (covered at the start of the video) are CL, NG, GC, HG, DX, ZB, KC, SB, ZW, CC, EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD & NZDUSD. (more…)
What a great day! I have 73 short positions – – Seventy. Three – – almost every one of them nicely in the green. My portfolio was up 5% on the day, and the Trump/Kim battle is only in its earliest stages. How exciting! I’m going to go practice the guitar a bit to toughen up my once-tender fingers and share another song with you – – this one a white bread version, but very well-done.
Well, it’s a beautiful day, isn’t it? I am holding a butcher knife, crimson with blood, and the bodies of equity bulls are strewn about me. Make every day for the next 8 years just like today, and I’ll call it even.
Since I have absolutely no buying power left, I’m just having fun. Hamilton has definitely renewed my interest in music – – so much so that I’ve taken up the guitar again (hence the callouses on my fingertips, to match my heart). Enjoy: