I guess $900 billion of free money to huge corporations just didn’t do the trick. Sure, we opened up at lifetime highs on Sunday, but in a market pathetically addicted to unlimited free trillions to failing airlines and empty restaurants, we have a “sell the news” kind of morning happening.
I know, I know, we all get six hundred dollars. How about that. That is literally about one month of my cell phone bill. But the wretched people of this ruined republic will cheerfully take it, spend it, and then wonder where their next free check is. That’s it, kiddo. There ain’t no more. Elon Musk made $140 billion this year. Check in with him.
The tumble last night did manage to find its natural support level, and bounced hard. These horizontals I am pointing out are quite important in the weeks ahead.
For the immediate moment, I am focused on the 1943 level on the /RTY (give or take a little bit). I am entering the day quite short, but I’ve got a lot of dry powder left, which I intend to deploy into Feb/Mar puts if the conditions seem favorable.
Oh, and welcome to Christmas week.