Hurray, the holiday weekend is over! Your guilt-debt for 2024 is now at the 50% level, and after June, you’ll be done! So hang in there.
The Empire State Manufacturing Index came out, and let’s just say it’s a bit of a miss. The forecast was -4.9. The miss wasn’t -5.0 or -5.1. It was -43.7. So there’s your strong-as-hell economy for ya.
I am watching the Russell 2000 futures most intently and, for the third time, they are finding magical support (thank you, Yellen!) at precisely the same Fibonacci. I’ve got a funny feeling we’re going to break it this time. I sure hope so.
The longer-term view of the /RTY illustrates why such a failure would be so potent. Trading for literally years has been in an enormous two-part range, and it sure would be a kick to visit the lower portion for a while.
I’m QUITE short at the moment and have some buying power left over to bump up positions. Here’s hoping that our forcibly shortened week is a great one.
