I want to show you something exceptionally cool.
Please observe the /ES action last night. Kindly take note of the breakout I’ve marked in red. This is the bullish breakout. This is where equity bulls – – a group, remember, a couple of notches beneath child pornographers – – figures they are going to run off with the market is a glorious Powell-worshipping blaze of glory. Those guys. Further, note how the breakout failed.
Take ten paces back. Look at a bigger picture of the same market. Take note how last week the bulls did exactly the same thing. They did a breakout. People got excited. The glory days of 2020 were going to be back. And, once again, they failed.
Now take fifty paces back. There’s a breakout, followed by a failure. And another breakout. And another failure. And, yet again, a breakout. And………say it with me……….a failure. Anyone notice a trend here?
You see, the bulls still think they own this market. These spoon-fed, molly-coddled, hair-dressing, antique-shopping, circle-jerking pantywaists are prancing around in their pink camisoles thinking they their daddy Powell is going to save their skinny white asses. But daddy Powell has exited stage left. And these bullish nimrods, who couldn’t think their way out of a wet paper bag, are making utter asses of themselves by trying to break out and failing every single time.
Play the theme song, Johnny.
