Good God. Thank heavens that’s over. Yet another government-mandated three-day weekend, in which hundreds of billions of dollars of productivity are torched so that people can sit around and have no idea what to do with their day. Of course, if we also include the millions of federal employees in the equation, an additional $3.67 was lost in productivity due to the holiday as well. But now we are all permitted to actually attempt to lead meaningful, productive lives again (the aforementioned government employees notwithstanding), So let’s get started.
As of this moment (although the powers-that-be are fighting like hell to reverse it ASAP), the quotes are red. The /ES is down 11 points and has been slowly sliding.
Of course, in recent weeks, the bulls have taken a bad year for the bears and made it a thousand times worse. It can all be neatly summed up with three simple price bars. Below is the small cap market (/RTY) with three weekly bars emphasized. Those three weekly bars represent in one agonizing morsel how bad it’s been for the bears recently (and, I must say, the mockery and chortling about anyone who doesn’t think Stonks Only Go Up is reached 2021 levels).
Crude Oil is also down (by almost a full percentage point; gosh!) and is ever-so-slowly trying to complete a gargantuan right triangle top.
I say again, don’t dismiss the importance of crypto, even if you, like me, never touch the stuff. Ethereum is a particularly important harbinger of news. A hard turn-away from the tinted area would help equities tumble.
The longer view of this same instrument tells the story more persuasively about how fragile present price levels are.
Good luck today, and welcome back to the world of actually working for a living instead of living under the childish umbrella of state infantilization.
