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I certainly am enjoying this market. And, as always, I feel utterly alone. Everyone has been so poisoned by the past ten years, they have lost all their moorings. Attila, who typically makes me look even-handed, has been a raving bull for weeks now, shouting about 3400 on the S&P. And yet he keeps getting blown up. And that’s to say nothing of those on this very website who have, day after day, declared the dip is through.
The charts below are representative of the kinds of moves my shorts are making. Once the patterns get done, it’s showtime. And I’m covering nothing. Zip. Just tightening stops.
The amount of talent at SCTV in the early 1980s was incredible: pretty much 1975 SNL level. Two of my favorites Eugene Levy and Martin Short, were in a series of clips about Jackie Rogers Jr. (basically an albino version of Sammy) running for President.
For some reason, that episode made a huge impression on me, and I looked for the clip for years. It finally appeared, to my delight, and here it is.
I declared 2900 as “key”. We got up to about 2890 in the wee hours of the morning. I’m glad I slept through that, because I guess at one point we were actually pushing green. But I woke up (late) just a few minutes ago to see we were plunging once more.
I like chart-friendly markets, but this one is getting downright eerie. I’ve whipped up a simple chart of the ES below. The arrows mark the (incredibly obedient) points of support and resistance. The tinted areas mark the place where the role changed from support and resistance.