Pleasant Awakening

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While I normally get up at precisely 5:30 each morning (no alarm clock; thank you, circadian rhythm!) I had to wake up at 5 this morning for a phone call. Before heading downstairs, I glanced at the futures, and I was delighted to see that in spite of them being all in disgusting lifetime record high territory when I went to bed, they were almost all red. In particular, crude oil – – which has been an obsession for weeks, as you know – – was getting completely smushed.

crudeddd

In turn, even though ES had made a Powell-induced-lifetime-high last night (see arrow) it has followed crude oil lower.

ESDOWN

Plus the small caps are down even more, percentage-wise.

rtydow

The most exciting thing of all – – and this was absolutely in the back of my mind as a hopeful possibility when I turned in last night – – was that we now have a FAILED BULLISH BREAKOUT on our hands. That means we have in our midst something I love almost more than puppies: disappointed bulls.

It couldn’t happen to a nicer bunch of guys.

faied