Yikes! Seeing 7:10 a.m. on my clock this morning was a bit of a shocker, especially for me. You know me better than that. I’m Mr. Up at 5 Without an Alarm, and I won’t offer an excuse except something something Duke Something. Anyway, let’s catch up a bit while we all await Powell.
Over the past 24 hours, we’ve gone absolutely nowhere. The arrow below shows what has transpired between yesterday’s open and today’s on the /ES futures, which is a big fat zero. Now I suspect the market will be in a state of suspended animation until Powell announces the amazing news that interest rates will not be changed.
My energy positions (CNQ, COP, XOP) continue to cause pain, but I’m just gritting my teeth harder. XOP, below, is getting badly penetrated (and that image seems fitting) by price action, but my faith is in that morass of overhead supply slowing, stopping, and reversing this nonsense.
The shame of the whole “drop and then bounce yet again” between yesterday and today is a lot of juicy positions got decidedly un-juicy. Mercifully, I sold 50% of my NFLX puts yesterday at a great profit, because Netflix is bouncing back to resistance, but jeez, guys, can we get that plunge resuming again? I’d prefer it!
One of the few bits of red on the screen this morning is snack-giant Mondelez.
The bigger picture of MDLZ shows the reason I’m happy to hold on to these puts.
And as long as we’re talking about food that isn’t healthy for you, the other bit of red is from Wendy’s, whose massive diamond pattern portends good fortune.
Let’s enjoy a track from almost half a century ago with our boys from Devo.
