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Days like today (Monday) are bittersweet. It’s great fun watching one’s account value roar higher, but at the same time, you know it’s going to be all over way too soon, and things will get dull and listless again. It takes a lot of patience to finally wallow around in a day like this. Now we have to deal with the stupid bounceback.
Let’s look at ETFs to get the lay of the land. The Dow 30 is still rangebound.
I said over the weekend that, “It’s been a long time since I’ve felt so energized about the stock market. Bit by bit, things are truly beginning to break down.” The 900 point drop on the Dow I am staring at right now helps explain why.
This morning has provided us an exceptional new ally in the form of a major price gap. I’m not even afraid of Powell anymore. I’ve got fantastic positions, and I think he’s going to have knives thrust into his eye sockets in the months ahead. Here, for example, is the Dow Jones Composite. Go ahead, Powell, Rally up up to the magenta line again. Once that green line gives way you are beyond screwed.