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What a bizarre day. It looked like, in the early going, it was going to be Bear Revenge day for the travesty of Monday and Tuesday. In short order, the bulls came absolutely roaring back. I will point out, with no small degree of interest, that the /ES got almost precisely to the major Fib and then slipped.
The irony, of course, being that the loss in asset values this year roughly equals the entire debt of the United States. So it didn’t get us one hell of a lot, except to ruin a once-great Republic.
Yesterday I did a premium post called Golden Gap, in which I wrote:
Over the past six trading days, precious metals have managed to mount a hearty recovery, thanks to the (long-awaited) break in the US dollar’s relentless climb. I would like to suggest, however, that gold – – which has done an excellent job of disappointing precious metals fans for the past seven months solid – – may be reaching an important resistance point in the form of that island reversal gap. In other words, I think this might be just about “it” for now.
And Tesla keeps crumbling – – down about $50 from my premium post last Thursday morning.
