Welcome to a new trading month and the new Slope of Hope. I had an absolute ball during the entire 3-day “holiday” weekend, working on the site.
It’s good to wake up to a lot of red on the screen too. First of all, the “bond breakdown” I’ve been touting has made superb progress. One level broken, and one to go!
Equities, too, are heading in the right direction. During weekend, they had augmented their totally bizarre end-of-day rally from Friday, but this has all been reversed. Remember that traditionally September (not October, as most people believe) is the weakest month of the year for stocks.
My one area of suckitude this morning is crude oil. I’ve got a bunch of energy shorts, and I’m going to take some heat on those and probably get stopped out of a couple. I suspect it’ll exhausted itself by the magenta zone I’ve tinted below.