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In spite of what happened between July 16 and August 5th, the market has not lost its ability to be incredibly annoying and frustrating. Below we see the /ES over the past twenty-four hours or so. It blasted higher on Tuesday, then it sat for a dozen hours going nowhere, and then it went into up/down spasms after the CPI. As of now, the /ES and /NQ have gone bright green again, with the small caps being the odd man out.
It’s heartening to see a solid red screen for a change, as it appears to be dawning on folks that the cavalry isn’t coming. Semiconductors, a crucial element for this broken bull market, are beginning to show signs of weakness. Nvidia has executed a quintet of Lower Highs, with a hard stop being the price gap I’ve highlighted.
The past twenty-four hours were a comic example of the “Ramp & Camp” markets which are so annoying. We shot up quickly yesterday and then spent about 17 hours just sitting in a ridiculously tiny range, waiting for the all-important CPI report. Well, it’s finally here, and in contrast to yesterday’s PPI, today’s numbers were aligned perfectly with the anticipated target.
Here’s an interesting map: it shows the percentage of each European country’s inhabitants who believes their own culture is superior to that of others. Spain seems to have an inferiority complex, whereas Greece is quite full of itself, which is odd since it seems to have peaked around 2500 years ago or so.
