Back on December 26th, I did a premium post called A Musing which stated three things:
- I had dumped almost all my positions;
- I anticipated a rally to 2600;
- the empty-headed optimism of the new year, coupled with trade talks scheduled for the week of January 7th, would provide the necessary fuel for the market to take on what, back on the 26th, seemed like an impossibly swift ascent.
If – – and I repeat, if – – 2600 turns out to be the turning point, the post will have to go down as genius-level in terms of its prescience, accuracy, and clairvoyance (which will make the fact I have traded like a goddamned moron since then less damaging). Today we peaked just a couple of points beneath that level – literally 99.3% of the way there – so if we slip from here, good God, that will be breathtaking.
Here’s part of the aforementioned post:
……….and it continues………..
Below is the ES, with the highest point in human history tinted in yellow. The two red circles represent what I consider the “You Are Here” analog.
And what if we blow through 2600, Tim? What then? Well, I will remove my genius cap, strip naked, and dance on a harpsichord, declaring Tom Lee the smartest man on the universe.