A few weeks ago, I would describe the equity markets as exciting, invigorating, and captivating. How about these days? Oh, I’d say “annoying” and “tiresome” would do nicely. At this very moment, the /ES is just grinding away, doing a lap dance on the resistance trendline and trying to create some more meat to throw at the bulls. As I said: tiresome.
Thus, I’m waiting it out, with neither profit nor loss so far (which, given the past two weeks, is a situation I’ll cheerfully accept). I did take advantage of last week’s hare-brained ascent by getting into goodies like SMCI, shown below, which is turning in a good day so far.
I am pretty much fully positioned at this point with 12 bearish positions, retaining only enough buying power to goose a position here and there if I want to. This is a very quiet week report-wise and earnings-wise, with Jerome Powell’s cute little dance at Jackson Hole early on Friday. Whatevs, JP. Whatevs.
