I normally like posts to acquire about 100 comments before I do a new one, but – – well, I admit, it was a mistake doing a new post in the middle of the night. Still, do check it out if you didn’t read it already. It’s about SlopeRules (naturally).
Recently I’ve been mentioning the “breaking point” the handful of earth’s bears have been reaching. Yesterday morning took the cake, because one of the very few people I follow on Twitter, xTrends, did a post in which he seemed to completely throw his “world is going to end” thesis into the shredder. He actually said the most likely scenario was new lifetime highs again. A reaction to his tweet was similar to mine:
See, xTrends makes ME look like a raving bulltard. So when someone like him is talking about the most likely scenario being new lifetime highs, you know that the only fool left in the room is…………me.
(UPDATE: Atilla reached out to me and said I had misinterpreted his tweet. I probably did. I actually shouldn’t speak for the man. At the time, I had the impression he had capitulated, but he’s made it plain he has not.)
Indeed, I was thumbing through charts last night (as if I ever do anything else with my life), and in particular my Bear Pen. See, I’ve got 54 short positions on right now, but I had 34 others in the Bear Pen. I actually hadn’t fired up SlopeCharts in a few hours, and as I went through them, I kept marveling at what gorgeous setups they were. But if you’ll recall my “hay bale” metaphor from a couple of days ago, it doesn’t matter how tinder-dry the hay is if all it’s doing is pouring rain outside.
This morning, there’s a break in the clouds. Let’s see if it lasts.