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Well, it couldn’t happen to a nicer group of guys. The swaggering, swine-like bulls came into this week, certain that S&P 500 was heading to 6,000 without a downtick in sight, and things short-circuited. Here are the small cap futures, which capture the sudden shift succinctly:
On Friday, whenever every known stock in the universe was raging higher and every known “analyst” was bullish, I meekly put up a post called Tesla on a Tear where I pointed out TSLA’s stock price relative to its FIbonacci level. If I had even half a testicle left on Friday, I would have said to short the bejesus out of the thing, but – – – I didn’t. Suffice it to say that the high of the day was FOUR SHINY PENNIES above the major Fibonacci resistance.
Good morning, everyone, and welcome to a shortened trading week. I won’t gripe about this three-day weekend as much, since I actually consider the holiday at hand to be legit, although I’ll still be grinding my teeth at the lengthy time away from the keyboard.
This day begins, of course, with oil, which is the big change from the last few weeks in which some bank disaster or another was the news of the day. This time, the global energy cartel has decided to poke its best customer in the eye, and although it’s off its highs from the initial spike, oil is still up about 6%.
It isn’t just the U.S. government that is incapable of letting nature take its course and eliminate fiscal incompetence. China is just as prone to bailing out disasters.
As you no doubt know, the world’s oil producers dropped a little price on the US of A and decided to turn of the spigot (partly, at least) to their production, thus causing crude oil to instantly rocket higher. As of this moment, which is a mere half hour into the futures trading day, oil is up almost 8%.
