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Have you ever tried to climb on top of a big log that’s floating in a lake? I bet some of you have. I have. It’s difficult.
Because as you are reaching on top of the log, trying to hoist yourself up, it is the log’s natural tendency to spin on its axis. It’s really tough, really frustrating, and there’s no guarantee you’ll be able to finally get on top of that log and stay balanced there.
Trading this so-called market has felt precisely like that for two months now. Today, it finally felt like I got on top of that log, for the first time in way too long. It was refreshing.
One good down day doesn’t mean the financial dictatorship known as the Fed has relinquished their politburo power. Just take a look at this chart: we’ve been stuck in a range for a month now. We must break that horizontal to get some more serious action going.
Blind Squirrel sent me the video below, since I had mentioned meeting Elon back in 2000 when he was developing his X.com business. Check out this quick 4 minute video, since I was shocked at three coincidences.
On Monday evening, I wrote a post to my Gold and Diamond subscribers pointing out, among other things, the irksome wall of support that was, apropos of nothing, supporting prices. In spite of weakness, it just kept hitting that wall and bouncing. When I turned off my monitors last night, the ES was down 24, but sure enough, it’s up double digits as I’m typing this. Because: Fed.