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I guess I’m past the point of pretending there’s a decent bone left in my body. Whenever I see news of another nuclear bomb test or missile launch, I stand on my chair and cheer. Anything – ANYTHING – to get this market to fall. So long as it doesn’t hit Palo Alto.
Now that I’ve finished being charming, I’ll mention the obvious, which is that, as of this moment, the ES and NQ are weaker and gold is stronger thanks to Kim returning to his shenanigans. Until this chubby, hairless blob of a man-child actually starts blowing things up besides fish in the Pacific, this dips are going to get tinier and tinier.
Hopefully Trump’s chiding and poking will push him over the edge. Of course, Trump has a HUGE incentive to send Kim into a frenzy, since that would be the perfect, made-to-order distraction from anything pesky Mueller might serve up.
Stan and I are doing the first of two ‘Trading Toolbox’ free educational webinars an hour after the close today at theartofchart.net, and this one will be looking at the use of bollinger bands in day and swing trading. If you would like to attend then you can register for that on our September Free Webinars page.
After an interesting start this morning ES settled down into the comatose tape that has been characteristic of afternoons recently. The morning was definitely interesting though, with the ES rising wedge support that was tested perfectly at the low yesterday breaking this morning. That hasn’t followed through yet, but may follow through soon, ideally after just one more all time high retest. ES Dec 60min chart:
I’m not going to mince words: I think the features Apple is cramming into the newest iPhone has reached retard level. Being able to talk and have your voice portrayed by an animated chimp, or a unicorn, or – – my favorite – – a big pile of shit – – just isn’t what the world needs.
As I said yesterday, it’s all about marginal utility. The delta between “no iPhone exists” to the first iPhone was gigantic. Everyone just had to have one. Ten years later, though, they’re sort of running out of meaningful or useful new features, and it’s starting to show:
A couple of weeks ago, in a rare moment of self-awareness, I wrote a post called Bullion Buffoon, in which I mentioned my nearly Gartman-like levels of bad timing with respect to bullion, and that…….
This is on my mind for obvious reasons – – gold has been steadily ascending lately. It’s had a good 2017 in general, but the North Korea situation has been particularly good to it, prompting me to have that “I should buy gold” feeling.
The correct conclusion, of course, was that since I was getting that special itch, gold had probably topped for the moment. Of course,I had to overthink the situation and declare that since I was NOT acting on that feeling, then gold would keep going up (e.g. “woe is me”). One is reminded of the scene in Princess Bride and the poison dilemma.
In any case, my bullion buffoon indicator was almost spot-on, as we can see: