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Saudi Arabia’s Tadawul Index (TASI) gapped down on the open and closed at 6846.36 on Sunday. It’s back around the October 2004 lows. It has gapped well below the neckline of a sloping bearish head and shoulders formation that began in late 2017, as shown on the following weekly chart.
It’s currently caught in a weak level of prior price support and is vulnerable to further downside, nothwithstanding the oversold RSI level.
(more…)I’ve been trading for a third of a century, and what we’ve witnessed over the past couple of weeks is absolutely unprecedented. It’s like we’re getting an historic market crash, except in slow motion.
Things can turn on a dime these days, so I want to emphasize that I am typing this soon after the markets opened on Sunday. The ES is absolutely collapsing………..
Only a few weeks ago, I had something like 80 different short positions. As I have continuously whined, every single one that I covered went on to much larger losses (that is to say, profits). This weekend, I wanted to show you the charts of my “surviving” short positions. I’ve broken them up into two groups: one for each day of this weekend. There are eighteen total. Here are nine of my continuing short positions (click on any image for king-sized):
We are living in a singularly bizarre time. And it just seems to me the stage is set for things to go from bizarre to outright surreal.
It feels like the world is slowly shutting down, day by day. Schools are closing. Events, both big and small, are being cancelled. Travel is collapsing. People are scared.
The only ones who should be grateful are the 18,000 (!) employees drawing salaries from the Federal Reserve. Even though the financial cataclysm at hand is entirely and utterly their fault, they will get a pass thanks to an invisible virus that strolled onto the scene. Jerome Powell will be seen as impotent, but he probably won’t get the wrath he so richly deserves.
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