Of all the wonderful emails, thank-yous, and gifts I’ve been receiving, I think the best of all was from China: they had taken it upon themselves to coordinate an Internet attack on good old Slope. (This is why many of you were experiencing slowness). I thought Slope’s surging popularity was the issue, but nope. Someone in China doesn’t like that Slope style. Suffice it to say, my crack team has dismantled this problem, and things are sailing smoothly again. Thanks, Middle Kingdom!
Now, closer to home, it’s just another day in paradise. Here is a weekly chart of the ES, showing the shameless free-fall.. Let’s keep our eyes on that trendline for support.
Likewise, the NQ is a wreck, having failed its trendline (this, too, is a weekly chart). Hard to believe the lifetime high was 30 days ago, huh?
Just about the only safe shelter continues to be U.S. Treasury Bonds, since they pay such a sweet, sweet, interest rate of, what, almost a percentage point?
I’m particularly pleased with gold, which I continue to be short by way of precious metals miners puts. This chart is an intraday one, as opposed to the weeklies above.
Finally, a word about the world of crypto. In the past, some have said it is the new gold. The new safe haven. And a new way to transact. It is none of these things. It was, and always has been, an instrument for speculative gambling among a very tiny population of nerds. If there was ever a time for Bitcoin to prove itself, it was now. The graph illustrates how crypto is just like any other speculative asset these days: trashed.
