For the handful of you still here who decided not to take the entire week off due to the forthcoming Juneteenth festivities, I had a couple of charts to share before the market opens. The first is our old pal /RTY, the small cap futures. This has been steadfastly working its way lower for weeks, bless it. The range-bound nature of this market continues to work great.
Of particular interest, we are heading toward the next Fibonacci retracement level which, if broken, will complete a quite-clean head and shoulders top which you can see spanning the entirety of this one-hour bar chart. Pretty sweet, I’d say, and indicative of the market as a whole, once the inanity of the NVDA infatuation is put to a halt.
Speaking of the most annoying stock to every exist, Nvidia is, as required by federal statute, trading at new lifetime highs this morning. I have no position in NVDA, nor do I intend one, but I do have a small position in SMH puts which, based on nothing but bearish spite, I’ll almost certainly grow this morning.
I’ve got to end with an ad I saw on the web, which I’ve bumped up in size for easier viewing. Most people wouldn’t even give this ad a second thought, but honestly, take a look and grasp the story it is telling. What we have here in a single image is:
- An elderly couple………
- Who still has to work to put food on the table………
- Yet has no cash available for spending……..
- Has to take out a 5-day paycheck loan……..
- …..allowing them to spend it on an essential like parasailing.
That, to me, sums up the economy of the nation better than I ever could.
