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It’s said that good trading is supposed to be boring. I agree! I am already 100% short with zero buying power, and I’m going to kick back now and let it melt for weeks to come.
In any case, please see XLP, below, which is the Consumer Staples ETF. If this ultimately forms a head & shoulders top, we’re about 80% of the way there:
Jesus H. Christ on a pogo stick, what a horrific psychological travail they put us through to get here. Look at these index charts and be amazed. Today’s HIGH matches, almost to the hundredth of a point, the LOW from last Friday. In other words, the mayhem of the past four days merely served the purpose of CLOSING THE GAP, and now, bang-bang, we rock again.
There is NOTHING on God’s green Earth that fills me with so much joy as seeing the arrogant, criminal, welfare queen bulls be WRONG and lose MONEY. My heart is full. God loves bears. Bulls are the living embodiment of Satan, and I am God’s beloved chart-wielding prophet.
I had my final divorce hearing this week and that is settled and done. It was a strange sight, lawyers really do strain at gnats and swallow camels. I do wonder how often anything resembling justice is seen in these places and whether, if seen, it happens by chance. I’m glad to be done with it and plan never to return.
In my last post I was laying out the obvious options for this week, and we saw the confirming close below the daily middle band, SPX did go down to the 4120 area as I suggested would be ideal if an H&S was to form and we saw the rally in the last two days that may have largely formed the right shoulder on that possible H&S.
(more…)Ya know, I’ll be glad that, in a few hours, none of us will have to be thinking about two words for another year. The first word is Jackson. The second is Hole. But, for now, we have to listen to the snare drum rolling in the background.
As a distraction, the all-important CPE inflation number came in, and it came in pretty soft:
