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I have had a bit of writer’s block for a few weeks. I had started to write something on Trade Management, but that was so boring even I almost fell asleep while rereading it. So I figured I would just give a walkthrough of my current trade.
I’ll start off by saying that my overall market bias should be no surprise to many who’ve seen my sporadic comments over the past few months. I am leaning very bearish overall, somewhat for fundamental reasons (economy, inflation, lack of QE, etc.), but really the technical story is following along as well, despite recent market strength. This bounce has taken us right back to the underside of some very long-term overhead resistance. Given the length of time this resistance spans, it is not surprising how much of a fight we are seeing at this level. This could work to my benefit, painful though it may be, as it gives me time for my positions to be “vested” (trade restrictions require all profitable positions be held at least 30 days).
Bored as I was with the “markets”, I was thumbing through some layered charts, and I stumbled across this forgotten gem. Below is the DBC (the commodity ETF) in 2008 (red line) and today (blue line). It’s an interesting analog, for sure:
And the hits just keep coming. The latest is a company which will ship stuff for you. As with every other SPAC on the planet, it just didn’t quite work out. Oh, and hey, corporate guys from Boxed – – you might consider letting people actually looking at your website without demanding they sign up first. Sheesh. Even I’m not that dumb.
I can deal with a day that starts off badly and gets worse. But there’s something extra-terrible about a day which starts off with so much promise and winds up being just a horrific shit-show.
The charts below illustrate how, leading up to the opening bell, things looked like up to be fantastic, and maybe even a major breakdown day. Then, hocus-pocus, all the world’s problems were solved based on NO new information whatsoever.
Well, this so-called market is putting my feet to sleep (I mean, for God’s sake, how dull must a market be to allow a person to actually write a goddamned novel to quell his boredom?) so I thought I’d just a few commodity charts and say a few words about each of them…………..