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Quite the reversal today in the market – – we were down hard early on, but as I’m typing this, the ES and NQ have both gone green ,and the ES has pushed above the level I mentioned this morning. One particularly stock that had an interesting twist this morning is Magna International (symbol MGA) which has an island reversal pattern.
It’s been a month since Norm MacDonald died, and I was listening to this lengthy interview with him this morning. I had listened to this interview before, but this time I listened to it differently, because I know now what no one at the time of the interview knew, which was that Norm was dying of cancer. It’s fascinating listening to it, because around the middle of the interview, he speaks warmly of Richard Farnsworth, who died of cancer yet never had told anyone about it. A little later on, Norm mentions off-handedly that maybe something is going on in his life that no one knows about. He didn’t do this in a “I am dropping clues, see if you can figure it out” kind of way. It was so subtle, that there was absolutely no implication. But, hearing it now, it all makes sense.
Good morning, everyone, and happy new week to you. I had a thoughtful weekend, with so many ideas from those whom I solicited for advice. I have embarked on an exciting new project for Slope which will keep my time and attention occupied.
As for this morning, it’s naturally nice to see so much red, but as always, we must keep it in context. Below on the ES, we see that, regrettably, on Friday, the market pushed above its prior high, thus killing the cycle of lower highs. Mercifully, when the market zipped higher on Sunday, it did not violate yet another high, and in fact all the green turned to red in short order.
