I recognize all too well the hazards of making any market commentary at nighttime. I am typing this on Monday evening, alone in my home with the exception of all my animals, and the ES and NQ are down nicely, both double digits. However, we had precisely the same situation Sunday evening, and thanks to the Chinese National Team (part of the global cabal that’s created this completely FAKE bull market since 2009), it was Green Green Green by Monday morning. (I still made plenty of money on my shorts Monday, so, screw you, Chinese bureaucratic scumbags).
Anyway, it’s best not to get too excited about the GLOBEX markets. I would, however, like to say one thing about what we’ve experienced during this absolutely marvelous month:
And that is this: we are NOT simply repeating what happened in January. When the market first started cracking early in October, people thought, “Oh, sure, it might fall some, but it’ll be like earlier this year – – a few days of weakness, and then, BANG, onward to new highs.” How well we all remember the idiotic prognostications about 3250 coming up on the S&P.
Well, no matter what happens at this point, we’ve already more than DOUBLED the longevity of the drop. Incredibly as it may seem, the plunge everyone was so excited about early this year was over in just seven trading days. As I’m typing this, we’ve already enjoyed a span of time double that amount. The drop hasn’t been as steep, but frankly, I prefer that, since the airheads in D.C. will be less prone to save their bullish criminal friends.
Now, to be fair, the bears are entitled to far more than 14 days. In fact, what the bears deserve is nine solid YEARS of uninterrupted collapse, aided by a friendly government. But, of course, that’s not going to happen. Markets, sadly, have support at $0, and whores like Mitch McConnell aren’t about to help anyone except equity bulls.
I am delighted, however, at this month so far. I almost typed that I’m “grateful” for it, but that would be an utterly inappropriate word. There isn’t a soul out there fighting for the bearish cause (myself notwithstanding, of course). The “gratitude” I have is for gravity itself, since it is finally taking hold.
To my mind, even with the drop we’ve had so far, the Dow is overvalued by about 20,000 points. It is my most fervent hope that October 2018 will mark the beginning of a hellish bear market that everyone will claim they saw coming………..but that was only truly heralded here on the Slope of Hope.