I was telling my youngest child how cool it was to be in such a different time zone, since the family could have my full attention during the daytime and I could work at night. “But when are you going to sleep?” Hmm. I honestly hadn’t thought of that.
Anyway, in the overnight session, as pleased as I was to see the ES down 13 points or so, I figured “this is all we’re gonna get”, since we were approaching a support level. (Take note of how the fabled land of 3,000+ on the S&P swiftly faded).
True to form, the ES rocketed over 20 points based on – – what else? – – vague mutterings around China trade talks.
Still, I’ve had two good profitable days so far this week. And I continue to find the chart below fascinating, since it guarantees 100% (assuming history is a reliable guide) that a recession is right around the corner.
For my own positioning, I remain fairly aggressive – – 175% committed and 50 individual shorts. Of course, this week is all about Powell, Powell, and more Powell, but I’m still feeling pretty good about our prospects.
Time for a bit of shuteye, my friends, but I’ll be back!