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They say the hardest trade is the best trade………and the hardest trade to do these days is to short a stock. There hasn’t been even a 5% correction in the market for nearly two years now (incredible, isn’t it?) so it seems the only sensible thing to do is buy TSLA and go to sleep.
I just have to be different, though, so I’ve got sixty short positions. I wanted to share my favorites, but I didn’t get past the first three letters of the alphabet without ample enough to show. So here they are……..(late breaking news: yet AGAIN, the chubby, hairless juchebag – – that’s my term, which I just made up, and yes, it’s brilliant – – has supposedly launched a missile………by the time you read this, who knows, the ES may be green again).
It’s been a generally dull week, and since the bull flag on SPX made target with a new all time high there hasn’t been much movement in either direction. We are still ideally looking for another leg up into the 2509 area but the setup for that last leg up is starting to sour slightly, with hourly sell signals already fixed on ES and the SPX RSI 5. The move should really be in the next couple of days if we are going to see it without a significant retracement first. SPX 60min chart:
Well, the latest “North Korean ICBMs are coming!” selloff lasted all of about ten minutes. As I type this now, the ES is freakin’ GREEN, as are most stocks. Looking at the intraday chart of the ES below……..and I realize I’m not an unbiased source………..it just SEEMS to me it’s about time for a selloff lasting more than seven minutes.
What an interesting morning so far. There’s yet another clutch of missile chatter from North Korea (what is this? the 4th time?), but the reaction to Armageddon is relatively muted. All the same, at least the color of the ES and NQ is right.
More dramatic is the plunge in Bitcoin, which has lost over a quarter of its value since the start of this month (which, according to my math, is a mere two weeks ago). Apparently the tendency of the Chinese government to want to control anything and everything within their borders isn’t helping the world of crypto-currencies: