Well, the markets have opened up again, and it’s a doozy. The moment they opened, the ES was down over 40, the NQ was down over 130, and gold was absolutely ripping. My “bearish equities, bullish bonds, bullish gold” gospel is a huge three-for-three as I’m typing this. Let’s take a quick look.
The NASDAQ is getting hit very hard.
![nqdown](https://slopeofhope.com/wp-content/uploads/2020/02/nqdown-1-640x400.png)
Gold is jaw-droppingly amazing right now. This has been simply spectacular. I’ve been annoyingly bullish on gold and miners since just before the year began, and it’s worked out great.
![gcup](https://slopeofhope.com/wp-content/uploads/2020/02/gcup-640x364.png)
I’m especially excited about the ES, since a fairly important support level has been breached.
![esbreak](https://slopeofhope.com/wp-content/uploads/2020/02/esbreak-640x376.png)
Now, look, I’m not naive. I know that son of a bitch Jerome Powell, who is worth about $50 million, would sell his soul to prop this market up. He’s going to do Whatever It Takes. So I don’t have fantasies about this market plunging to zero over the next few months, nice as that would be.
I’m taking this one day at a time, and one stop-loss update at a time. Indeed, I’m actually hoping the Fed will act. Because that sets up the greatest possibility of them all: that it won’t work. And when that day comes – – and it will come – – then it’s the end of the world. And I’ll finally be happy.
![](https://dealbreaker.com/.image/ar_16:9%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_768/MTYxMjc3NDM2ODg4ODE5MTg5/powellcuck.jpg)