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Remember how folks were falling all over themselves to buy any stock that had anything to do with rockets? That’s because they wanted to buy SpaceX, but couldn’t. Well, that whole sector has been wiped out, with the latest casualty, the terribly-named Intuitive Machines (LUNR) worth about one-third what it was just a few weeks ago.
I’d like to raise an unopened bottle of cumin in celebration of the fall of Chipotle, which is a stock I used to treat like Kryptonite. After the recent trendline failure, I decided to give it a shot and bought September $60 puts. They’re up 50% already, and I’m anticipating much better returns.
The monthly jobs report, considered in some quarters the most important data point so far of the year, came out, and it was pretty close to predictions:
The past two weeks have been nothing more of amazing. Today was the first sort of “meh” day for me, because until then, I had been dancing with the market like Baryshnikov, yet on Thursday I felt flat-footed. We have certainly not seen the big bounce I was hoping would transpire, and frankly what I’m afraid of is that the bounce might just come on Friday, now that I’m more fully short.
Let’s forget what I’m hoping and feeling, though, and chop through some charts together. We start with the daily /ES, which has hammered out a magnificent, and very large, top. I’ve drawn a horizontal that I believe is a reasonable line of resistance, and a push up to that level (but not through it) would be just what the doctor ordered.
