Well, that sucked.
Along with being Slope’s founder and owner, I’m also the proud and solo individual who actually admits to any losing trades. And today stunk. I still held on to some of Wednesday’s profits, but Jesus H. Christ, man, I was NOT expecting this.
Looking at the Powell belly-flop yesterday (see emphasis below), I seriously thought we were done with the 40-point range I keep talking about.
But, nope. The moment the opening bell rang, for NO reason at ALL, the Dow added about 500 points to its low, and the S&P about 50. (OK, there is a reason, which is the frantic intervention of the federal government, but that’s besides the point). Interestingly, the ES peeked its head above the upper portion of the range by literally a single point (see green tint) but tumbled back into 40-point-land.
Looking at the longer-term chart, you can see why I’m so hung up on the 40 points (I seriously should think of a less clumsy name). See that yellow tint on the left? That was October 10th, back during the era when stocks were permitted to fall. It was almost instant. Thus, there has been NO resistance between 2825 and 2865. We’ve puked back and forth for most of this week in that zone. Of course, what the bulls really want to see is a push above 2865. Since it has taken NO news to get us this high, I suspect even one SMALL piece of actual good news would do the trick. Bastards.
The only flicker of hope left is the financials, which continue to absolutely roll their eyes at all the frenetic buying. Financials are on the low side right now, so it’s quite likely they will join the party on Friday as well.
At the moment, I have 48 individual short positions, 45 of which are in the green. But, I say again, Thursday absolutely sucked out loud, and I’m getting awfully tired of this crap.