The /ES continues to play footsies with the horizontal line at 5725. We got right up close to it – – again! – – and are easing back a little. Everyone’s waiting on the Fed non-event, which is absurd but still real.
An honest-to-goodness completion of the base and an escape from the 5725 line which set the /ES on a path to its vastly more important resistance above. The reason I’m keeping things relatively light is because of this prospect. Of course, if the market completely rolls its eyes after the Fed and starts selling off, I’ll be under-invested.
My main nemesis continues to be crude oil. It started to break down last night, but it acquired a new lease on life and is green again. To be clear, I haven’t had a position in oil in many months, but I’m maintaining some presently-loser positions in CNQ, COP, and XOP.
