Good morning, everyone. After the excitement of yesterday, it’s nice to wake up to a relatively calm market. I always find it amusing that investment banks claim to pay top dollar to get their microwave transmission towers a few milliseconds closer to market data so they can have some kind of “edge”, when as days like yesterday prove, it takes a LONG time for the investing world to wake up to the significance of any given news. It’s not like the Fed minutes came out and the ES was instantly down 71 points. It actually went UP after the initial release! So the microwave towers thing is a joke.
Anyway, the key thing from yesterday is that bears once again have been given the proverbial ball. In other words, we have switched from defense to offense. And, as always, I hope to be as offensive as possible. The counter-strike from the bulls at this point will be in the form of the small pattern below. I actually hope they succeed in mounting an attack, since it’ll let me short from better prices closer to that wall of resistance above. I’m in 21 bearish positions, but I wouldn’t mind being in about 6 more.
Gold, of course, can’t hold on to a price gain to save its life. It’s like the Cathie Woods of investing vehicles, which is too bad, because I actually really like the stuff and want to see it prosper. Oh, well. One day. One day. Or one decade.
Hats off to TNRevolution for his continued success with energy. Crude oil continues to thrive. And, let’s face it, that’s just what the world economy needs – – – exploding interest rates and ever-increasing energy prices. That’ll be just the elixir to make the world economy even more spectacular than it already is, if you can imagine such a thing. You betcha.
As for crypto, my totally ghey rainbows have done a yeoman’s job of declaring their death, as BTC, ETH, and all the rest continue to melt away. I shuttered my account around last Halloween. Just for fun, I kept the three positions in my CryptoStream portfolio, just to glance at sometimes, and quite naturally they’re all a lot lower than when I converted them into nice, stable U.S. cash.
