It was a real pleasure to see the Tastytrade folks in San Francisco yesterday. I roamed the exhibit hall (which took upwards of 7 minutes), listened to Tom Sosnoff’s keynote presentation, then went out to Tosca Cafe for dinner with the group for some good food, drink, and loud conversation. Working by myself as I do 99.9% of the time, it’s a nice change of pace to see some fellow human beings.
I must say, my gratitude for now having to do trade shows anymore is amplified every time I attend one. These things used to be SO exciting. “Trader” type trade shows (Trader’s Expo, Money Show, and so forth) were like COMDEX in the old days – – tons of new, exciting products and an exhibit hall jam-packed with attendees. These days, even with equities as historic highs, these shows are a complete bore. Like I said, it took me 7 minutes to see the entire thing. Meh!
Anyway, with Jerome Powell up at Jackson Hole assuring everyone that things are awesome, equities are having another record-high day. One area of weakness that’s very important to me is the Dow Utilities, which is still painting out what I think is going to be a very important 4th top over the past decade. It’s a beauty, and if it finishes, look at below.
We made a baby step toward this goal by falling every single day this week, and for the first time all summer, we’ve actually managed to do some damage to that supporting trendline.
For the rest of equities, however (represented by the Russell 2000 below), it’s up, up, and away.
