The effect of my infrequent air travel on the market is well-known both far and wide. I let it be known that I would be not just traveling, but traveling into the belly of the beast, Jackson Hole, starting tomorrow evening. The punishing of the bulls has already begun in earnest.
My work is not complete, however. The uptrend on the ES from the Covid low is not broken, and it needs to be. I shall be using all my mystic powers to accomplish this. Again, I could have chosen to go anywhere, but I chose to go into the middle of Satan’s lair by communing with Jerome Powell and his minions directly. God’s will be done!
I would point out that my perpetual favorite obsession, the small caps, continues to make progress toward completing its massive 2021 topping pattern. We’ve got work to do, but things are looking up down.
Early today, when TNRev was back-slapping XLE and its ability to push up a few pennies before getting killed later, I held my tongue, which was both wet and unsettling. What I was going to say was that I own a mountain of puts on XLE because I think it’s as doomed as doomed can be. Mega-doomed. Beyond Thunderdoom. You get the idea.
As for virtual trading, let’s face it, this is just getting stupid.
