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Now THIS is what I call a bear market. That is, the US Bonds (represented below by way of the /ZB futures contract). This sucker is about to celebrate its third birthday. Can you IMAGINE the wailing and whining and screeching from the David Portnoys, Tom Lees, and Cathie D. Woods of the world if we had a three year long equity bear market that wiped out more than half its peak value? My God, that would be so delicious.
Well, after weeks of waiting, I’m glad to see that Bank of Nova Scotia (BNS), one of my long put positions, is kicking into gear. My puts are up 21%, and they don’t expire until next year, so I’m hanging on to these suckers. Intrinsic value is now 97%.
Good morning, everyone. Well, the market is still clinging to The Trendline (at this point, its importance merits the respect of capitalization) like crazy. We managed to slip nicely last night, but the /ES climbed 30 points for No Particular Reason simply to recapture the aforementioned line. It’s like a love affair that cannot be tempered.
It’s Monday afternoon, and given the blasé non-event that Monday’s trading represented, I have precious little to say about the markets. At the risk of proving that point, I’d like to make a remark about each of the six ETF charts below, beneath which I’ve caption a certain circumstance that would help the bearish cause. The more of these that are obeyed, the better it’s going to be for the ursine set.
