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Well, I gotta tell ya, today’s a disappointment. My portfolio has gained value, but whoop-de-fucking-do. We’ve got a situation in which it only took a few minutes for the permabulls to “see past the CPI report” and bid almost everything green again .The serious line to watch is, as I keep pointing out, the major Fibonacci retracement level. This invisible line is the battle zone.
Just to lighten the mood.
Curses! Shame on me! Feh!
I saw a golden opportunity to buy GDXJ at a very safe price: $30 with a stop at $29.80 (yeah, that is one tight stop). I bought it, wimped out, took a tiny loss, and saw it soar. My goodness, I suck! The point is that, as disappointing as gold has been at every turn, this seems like an opportune “cheap” price for miners. But I blew it, and I don’t have the stomach to go in at a worse price now. Shame. On.. Me.
The sea of red is a delight to the eye, but we’re not out of the woods yet. Since the market bottomed a month ago, we’ve been banging out a series of higher lows. Mercifully, we have not had higher highs; instead, it’s been stalling out below its price gap. But the point is that we need to take out that most recent “higher low”.
Well, THAT was weird.
I come to you from my pitch-black home office (pretty much my favorite condition in the world) as I eagerly awaited the CPI to come out. It is, as of this typing on my keyboard, only a couple of minutes after the release.
At about 30 seconds before the release, I leaned in to my futures quotes and watched with intent interest. The following took place:
