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.
On a more extended time period, you can see how magnetic this line has been, and today the movements have been especially violent.
It’s no different with the NASDAQ futures either. It’s kind of astonishing (but frankly not that surprising) that a total wipeout in equity futures would have been reversed. This is precisely the kind of thing I was worried about, because we still have a total STALEMATE on our hands.
Looking at the much longer term, you can see the top is gargantuan and positively historic. You can also note, even on a weekly chart, just how crucial the Fibonacci support level is. This goddamned thing HAS to give way to clear the path for us to get to 3500.
Speaking of battles………..cry havoc, and let slip the dogs of war.
