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There are plenty of things I like about a market like the one we are in right now, which is one of unchecked pandemonium.
There’s the profits, of course. It’s really gratifying to see my assets grow so swiftly.
The vindication of being right feels good, naturally. Having virtually every single prediction unfold as reality so swiftly is like a tall drink of water in the desert compared to the past nine years. I have 73 different short positions, and every last one of them is in the green (some of them massively so).
And since my trading life is tied directly to my little business, I get “icing on the cake” by having subscriptions to Slope PLUS go roaring higher.
Too many gold bugs are either still pimping the ‘inflation trade’ or digitally pleasuring other gold bugs with predictions based on inflation. From my favorite example of this behavior just yesterday (he of the “drop dead gorgeous bull wedge” for GDX that failed into a miserable bear market extension a few years ago). Just yesterday…
“I’ve announced a long term target for GDX of $15,000. That really isn’t very high… given the strong inflation numbers that I am projecting for America in the years ahead.”
I don’t use the guy’s name because he is not a big public figure like Dennis Gartman or Doug Casey. But he is highly visible within the gold cult err, “community” and he uses a lot of !!!!! when trying to hammer his points home to greedy gold bugs (the only kind, I assume, who take him seriously). Exclamation points are a sign of someone who really… really, I mean REALLY wants you to get their point!! (ha ha ha). (more…)
ES made Stan’s target area 2700-40 for the rally and all three of ES, NQ and TF have turned back down towards likely retests of the retracement lows so far. There is still a possible case for high retests on these to make double tops to deliver that move, but I was only assigning a maximum one in three to that scenario on the video below, and the odds have reduced further since then. Intraday Video from theartofchart.net – Update on ES, NQ and TF:
As an aside, I’ll mention this: I am a gentle spirit, with a disposition bordering on sainthood. But there is no limit of loss, suffering, or horror the bulls could suffer that would invoke one iota from sympathy from me. They have ruined the world in exchange for a fake prosperity.