Well, the good people at Japan’s Central Bank are going to allow interest rates to rise, which is something no one expected. I didn’t realize any kind of news was coming out tonight until my screens started going haywire late in the evening. The US dollar is getting bombed, Pearl Harbor style……
………..and equities are likewise getting killed (which makes sense, since Jim Cramer said December would be GREAT for stocks)……….
……and, most exciting for me considering my king-sized TLT short position, bonds are getting killed.
I just noticed something VERY interesting about the /ES futures. The mega-spike we had last Tuesday PERFECTLY tagged a major Fibonacci level (I can’t believe I didn’t notice that until now) and, as of this very moment, the /ES is challenging the next lower level. In other words, there could be MAJOR support here (of course, I’d love to see this one crack too!)
All I can tell the “investors” who haven’t seen a bear market in their entire trading life……….