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First off, I am truly sorry that comment entry is down right now. It probably is related to our latest attempt to destroy the nettlesome disappearing comments bug, which is the bane of my existence (besides the FOMC, of course). Hang in there. We’ll get it back. It isn’t you. It’s me. It’ll probably be offline for a few hours until I get the engineering attention I need on it.
Here’s an interesting wipeout from this morning: Cirrus Logic (CRUS) which is down about 13%.
The immediate reaction to this morning’s CPI from some, shall we say, more bullish-inclined Slopers was not surprising. I personally wish I had had the balls to say out loud my “today will be the Reverse Rolo Day” prediction, but I didn’t. Shame on me. In any case, the repulsion from the trendline on the /ES was a thing of radiant beauty. I can only drop to my knees and ask heavenly father that we’ve nailed a top today and this Fed Pivot horseshit can finally exit stage left. It’s dreadfully tiresome.
Let me start off by saying that, in honor of Elizabeth Holmes‘ imminent incarceration, we will be honoring her by incorporating her lovely face in these charts. Let’s do this.
I have a confession to make: before the CPI came out, I was toying with the idea that today would be a “reverse Rolo” day. That is to say, I pictured in my mind an explosive move higher, and then a fade all day long. It’s too early to declare anything close to victory yet, but this is sure a good start. Just look at what the /ES did in relation to its resistance trendline. Beautiful! Worth of an 11 year sentence!
I haven’t posted much lately as we have been in this continuing choppy move up in the past two weeks. Not much has changed now, but I can give some additional insight as to where my trade is and what I am prepared for.
