Late start this morning, everybody. Long night. But I’m delighted to see that what could have been a disastrous victory for the bulls has ended in the only result that they deserve, which is disappointment:
Taking a big step back from the Russell 2000 futures screen, we can see it’s the same old story for the entirety of the year 2021: range-bound, Fed-captured insanity. But it’s red, so I’ll take it. What we need, of course, is, for starters, a cessation of higher lows. We need to take out that low from even last week to start the more important task of Total Range Failure. If we can achieve that, the Fed will ultimately be subjected to the kind of historic humiliation is so richly, richly deserves.