Happy Halloween, everybody! Well, since I’m lighter now than I’ve been all year, the market gods have permitted the futures to stay red all night long. After the gap down on Sunday, it’s been grinding lower persistently.
Even if this stupid counter-trend rally stays intact, there’s ample room for the /ES to continue backing off. A more substantial move, of course, is utterly dependent upon what the fine, upstanding people at the Fed do on Wednesday (or, more precisely, how the market REACTS to what they do).
I am particularly heartened by crude oil, which actually started off strong when the market opened Sunday but has steadily sunk and is down about 2% as I’m typing these words. I re-entered some energy positions on Friday (COP, MUR, SLB) so this is a good start.
If one looks at crude oil with a longer-term perspective, I think it could be argued that a new downtrend has commenced.
During my web browsing last night, I stumbled upon the Amazon page which suggested authors I might enjoy. Let’s just say the group was an eclectic one, although I feel like I’m in fine company!
