As much fun as Tuesday was, and as cool as it would be for the market to go down every single day without interruption, we have to be cognizant of important areas of support. I’d like to point out the principal supporting trendline for the ES dating back all the way to the 2009 bottom.
Slope of Hope Blog Posts
This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.
One of my favorite scenes of all time.
Over the G20 weekend, I stumbled upon a young fellow – – he fancies himself a trader, I suppose – – whose tweet caught my eye:
Steak and malbec. Applause. An unexpected photograph. ES up over 50. Laughter at the bears. Cancellations from those too cowardly to stand fast. Absolute certainty that lifetime highs were on the way. Praise of our really smart, great-father, great-husband President. And plus he’s a genius businessman and really honest. You fucking bet. And then……….
Meanwhile, I have my Blue Bottle, I’m watching Magnolia, and I am updating my stops. I am the light fighting the darkness. And the light is going to win. But I’m not going to insult your President, because he’s just a great, great guy. Absolutely.
Well, my gains this morning have COMPLETELY repaired (and then some) the losses following that STUPID dinner over the weekend. At the core of this is my financial shorts. The entire sector was once again turned away at the horizontal. I hope the market keeps sinking this week, since I’ve got some brutal posts waiting in the wings.
There’s a town here in the Bay Area you’ve probably heard of called Oakland. You’ve probably also heard the famous phrase about it uttered by Gertrude Stein: “There’s no there there.” I’m reminded of this quote because of the “truce” announced. My instant reaction was that it was a nothing-burger, which was met with screams and cries of distress that it was, in fact, An Awesome Amazing Deal. But it seems it’s starting to dawn on the rest of the planet that maybe this kicking-the-can-down-the-road exercise does, in fact, constitute “no there there”.
For a while last night, it truly seemed to be the case, although I’m sorry to report most of the red has been washed away. Interestingly, the gap between Friday (pre-truce) and Sunday (post-truce) was almost perfectly sealed on the NQ.