Before I begin, a couple of bits of business. First, some folks have been expressing an interest in the brokerage Tastyworks. If you want to sign up, for the love of Tim, please sign up for tastyworks here – – it doesn’t cost you any extra, and they throw me a few shekels for helping them out. Thank you!
Second, apologies to my PREMIUM customers for dialing back on my posts, but honestly, the G20 scares the bejesus out of me, and I promise to be more prolific once it’s out of the way. I am staying very light, as I’ve said ad nauseum, until this stupid get-together is over.
Today, Thursday, was basically Wednesday in miniature. Early weakness, strength out of the blue, and basically another bear-beating. Interestingly, the ES retreated from my “do not cross here” line (the high price of the previous “lower high”), but it’s horrifyingly close.
I have one chart that I think nicely illustrates what a pointless tug-of-war there has been all year long between the bulls and the bears. It is of symbol HDGE, which is the only ETF I know of which shorts individual stocks with the goal of making profits (sort of like me).
Keep in mind, this is obviously an inversely-correlated fund, but just look at the chart below: the horizontal line indicates the closing price from 2017. So we started off the year with the bears winning. Then they gave it all back and plenty more, with the bulls gut-stomping the bears. And then starting in October, the bears threw the bulls onto the train tracks. And November, as we know, has been a nauseating circle-jerk, with the bulls by and large wresting control back again.
Commissions-based brokerages are really the only ones loving a market like the one shown above.
It’s all kind of a shame, frankly, because there are SO MANY CHARTS just begging – -BEGGING!! – – to be shorted. I offer you one, Boeing, below, It has “Short Me” written across its forehead. But, as I have made clear, I am currently wearing a pink taffeta dress and have my legs daintily crossed. I am completely wimping out on any notion of getting aggressive before this stupid meeting. Which guarantees, my friends, we WILL collapse on Monday morning.