Happy Sunday evening, everyone. As we drag ourselves through this ridiculous three day weekend, at least the futures have opened up. I’m typing this just a few minutes after the opening bell, but at the moment, every single equity futures contract is in the red.
Of particular important, as always, is the US dollar, and this intraday chart of the Euro versus the USD shows how it’s starting to slip again. I am, of course, hoping this sustains for the rest of today, the entirety of Monday, and then well into Tuesday, at which time the powers that be will allow us to have a market again as opposed to sitting around wondering why we’re celebrating George Washington’s birthday.
Besides reading this massive Palo Alto tome, I’ve been keeping a steady eye on crypto, which I’ve repeatedly mentioned is a great proxy for equities (and, unlike the lazy bums at the stock exchanges, doesn’t take a holiday, even at night). We can see the beautiful “tag” of resistance last week, and that has held.
The import of this tag is illustrated below, as it matches the silly peak from way, way back last August. God willing, this will stick a fork in the proverbial toast of the equity market, having subjected the better angels among us with a 4 month counter-trend rally from hell.
I shall continue to roam the house looking for projects to do, things to clean, and drawers to organize. I’ve been doing the same, in a virtual sense, with Slope. I look forward to firing on all cylinders against Tuesday morning, and then we at least will be allowed a while to trade until Easter comes along, but that’s a good, long run, so I’ll take it.