I can always tell we’re getting near a top when the Tim Abuse reaches a fever pitch and the taunting on my own website starts belching out.
Girlfriend? Temper tantrum? Uh-huh. Thanks for the pat on the head. You’re on the list.
In any case, I pointed out repeatedly that 2895 on the ES and 1300 on the RTY (I don’t even have to check; those numbers are burned in my head) were crucial support. The moment there was a break, that bastard Powell got knitting needles shoved into both eyeballs.
I noted after the close that I had drawn a horizontal line, and that the RTY hit it precisely and stopped. What was that line? I had to find out! So I expanded the timeframe and, yep, there it is: it’s the horizontal that defined the cup with handle! This is the next support we must shatter.
It’s been a frenetic day, so I haven’t studied the news, but I assume the chilling relationship with China and the feeling that maybe the “V-shaped recovery” is utter horseshit is starting to bleed into equities. Given the cowardly nature of our federal leadership, I suspect some assuaging words about China will be forthcoming, in order to stem the bleeding.
I have 70 positions, 100% of them profitable, and for the first time in months, I had re-entered directional options positions (puts, of course). One day does not a trend make, and that treasonous criminal Powell will eventually find some illegal scheme to buy stocks directly, but at least we can all agree that this was a very good day. I am only 150% committed because I don’t have the backbone to go full-bore against that goddamned son of a bitch.
I make up for the other 90% of buying power I’m not using with unfettered detestation in its place.