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I’m having a good day so far. Of course, every person reading this is at the mercy of Pencil Dick (AKA Jerome Hayden Powell) and his evil band of pranksters that are darkening the innards of the Eccles Building. I would suggest to you that the finance sector fund, symbol XLF, is absolutely key this afternoon.
The post-Thanksgiving gap and the broken trendline are allies of the bears. The ally of the bulls, damn them all, is that cluster of activity I’ve emphasized below. I believe it would be nigh impossible to break through that, at least today, but if we can at least start to push back into that zone, that will be a very encouraging sign for the ursine crowd. There is no sector more represented in my 30 positions than finance, so………...fingers crossed.
I’m probably going to “go dark”, perhaps even until the close, given the mayhem that Pencil Dick is going to thrust upon us.
I am almost certainly going to regret this, but I have sold my XOP puts at a handsome profits because the price tagged its trendline beautifully. I did the same thing with XRT a couple of weeks ago, and we’ve seen how channels DO get broken, but all the same, I’m playing it safe by taking the money and, like Forrest Gump, RUNNING.
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OK, everyone! The big day is here! I’ll be doing plenty of posts today, but for now, let’s just take a breath and watch something silly and pointless. The next three days are jam-packed with uncertainty and opportunity.