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The stronger the dollar, the weaker the equities. I’m all for that. As we look at the EUR/USD, we can see a beautiful repulsion off the trendline on February 2 (which was, not coincidentally, the peak in equities after the insane January rally). This looks to be heading lower.
I was reading the fascinating history of the absolutely bonkers method of British currency and weights. I don’t think the number “10” ever set foot in the British Isles. Just look at this madness:
We’re only a little more than half an hour into the trading day, and I’m already looking for other things to occupy my time. For a while there, it looked like the bears might have a grand old time, but as it is now, the only thing worth celebrating is that the bears didn’t get slaughtered. As I’m typing these words, ALL the stock indexes are green again, although crude oil is still down about 1.25%.
For my own portfolio:
Thus, I have a mere 18 positions and 28% cash. I’m also not inclined to do anything else today. The market doesn’t feel right yet. As long as we don’t bust that /ES line at 4186.57, I’m content to sit on my hands.
Up until November 2021, one of the hottest stocks around was Silvergate Capital (symbol SI). The quality of its pattern was so clean, I mentioned it a number of times both on Slope and on my tastytrade program.
