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This is yet another “wow!” moment for me. I present to you below the financials ETF, symbol XLF, with a Fibonacci retracement laid on top. I was quite excited to see the result, which is similar to what we’ve seen with the Russell 2000. The retracement is spot-on!
OK, OK, the subject title is dreadful, but it just came to me. The devil made me do it. Anyway, I suspect “Amazon World’s First Trillion Dollar Company” makes for a LOT better of a headline than “Bezos Dumps Family for Mistress“, but times have changed. The chart tells you all you need:
Ever since Jerome Powell demonstrated he has absolutely no backbone, and is far, far more concerned about having his feelings hurt by a mean tweet than he is about the long-term stability of the United States, the equity markets have been on an explosive ascent.
I would like to quietly point out something that 99.9999% of people are unaware of, which is the Fibonacci retracement spanning the entire decade-long bull market of the Russell 2000:
Back on December 26th, I did a premium post called A Musing which stated three things:
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.
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