If the market gods wanted to tease any surviving market bears in the cruelest way possible, they managed to do it twice over just the past few days. Last week, with the President getting Covid (end result: NOTHING) and then, just days letter, the President saying “No Dice!” to any kind of stimulus package (end result: NOTHING). Someone – – and I think his last name rhymes with “Owl” – – really, really, really wants this market to keep chugging higher through Election Day. It’s sickening and boring at the same time.
What makes my blood run cold is the chart of the ES below. Back on September 24th, we were poised across the board for a beautiful breakdown. Welp, that just isn’t allowed, and we’ve been doing nothing but going up ever since. That is a powerful basing pattern which has been completed, so I wasn’t surprised Thursday after the close to see everything still ripping higher.
As I’ve been mentioning, I’m starting to think it best to virtually go all-cash until this election is over (not to say that we’ll be “all clear” the Wednesday morning following, since God knows what the state of the results will be).
Indeed, the best thing that’s happened to me the past couple weeks has been the launch of Slope Mobile, which is running smoothly and getting great reviews. Since that’s the only bright spot in a dark time, I want to say a very special thank you to all of you downloading, using, and handing out those 5-star reviews It’s very encouraging!