If I’m not mistaken, this is the portion of the year where we have the longest stretch of time between stupid holidays. We’ve got about 80 full days with no flippin’ Labor Day, no freakin’ Memorial Day, and no bloody High Holy Cabbage Feast Day. Incidentally, I see that the city of Palo Alto, which already overpays its employees by hundreds of percent for doing almost no work, is going to give them Juneteenth AND Cesar Chavez Day off from now on. Besides that, their venal union leaders won them ANOTHER paid holiday of their choice so that they may engage in, and I’m not making this up, “a day of reflection.“
Yeah, let me count on one finger just how many city employees are going to be hanging out at home doing THAT.
The NASDAQ Composite is falling away beautifully from its Fibonacci retracement.
The Dow Jones Composite Average is likewise dropping away from its resistance. This particular horizontal used to be support (and the basis for that enormous basing pattern) but now has changed roles.
With the Composite is the Dow Industrials itself, which has done a U-turn away from that small topping pattern in pink.
Lastly, my beloved Dow Utilities had another fantastic day. What a diamond!
I remain fully committed in twelve bearish positions expiring at various points next year, with my XLU put position being the largest by a factor of three.