Last night, shortly after the futures markets opened, I did a post for Slope’s premium members in which I pointed out, as I called it, the Fibonacci Wall that existed (which I laid out last week) and which stopped the drop like a traffic cop (see circle below). I woke up at 4:45 this morning to check in on things, and as I fully expected, the trusty Plunge Protection Team has been steadily buying back the market since, ya know, it’s so healthy and all. Ostensibly, peace talks in Belarus are sure to make things all better.
As I am typing this, however, it’s still a solid sea of red for equities (the healing notwithstanding) and gold, to my delight, is holding on to most of its gains (reflecting the prescience of another premium post, this one called Gold Support).
I’ve said it before, and I’ll say it many times more: the bull market is OVER (and the pushback I’m getting online since affirms the point to me) and a VIX languishing in the 20s still hardly suggests a huge panic about to be swept aside as Putin hoists and white flag and offers a heartfelt apology. No, I think dark days lie ahead, press releases be damned.