Well, I had a relatively sleepless night. I was awake at 3:30 this morning, laying in bed, mulling over what happened Wednesday. When I went to bed, the markets were padding their already substantial gains, and although I didn’t know it until I got into my home office at 5 a.m., the ES had made a new lifetime high. Yes, in the face of a slate of interest rate increases, tapering, and all the other bad news, the ES was higher than it had ever been in the history of the universe.
Thus far, this Guinness Record was short-lived. The ES rolled back under its former high and actually turned red briefly. As I’m typing this, were just over an hour into the trading day, so God knows how Thursday will ultimately wind up.
One thing I did yesterday in my personal financial life is bought a substantial quantity of gold (the real stuff, not GLD or something). On a multi-year basis, I think it has a great future. Very short term, I’m not so sure. Precious metals have specialized in disappointing gold bugs since August of last year. The first challenge will be to see if the /GC can get above short-term resistance at the trendline I’ve shown.
