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I used to be quite enamored of EFA (worldwide equities outside of North America), but the damned thing just kept hitting lifetime highs every day, so I walked away. It has gone up nearly 25% since last month (!!!), and I’ve stretched the chart to project when it would hit its multi-year trendline. It still has room before it does so, and even when it does, I suspect I won’t touch it with a ten-foot pole. It’s………nuts.
For what it’s worth:
There is a textbook head & shoulders topping pattern which I would love to short at the right price. The “right price” is as close to the gap of 86.29 as possible.
My natural alarm clock (AKA my brain) fails to wake me up for the market perhaps twice every year, and this morning was one of those times. As one might guess, puppy duties were the cause, which is pretty much the best reason one can imagine, but nonetheless, I was surprised to see the clock read 6:36 a.m. when my eyes popped open.
No harm came of it, however. Of my 25 short positions, 20 of them are down, and the 5 that aren’t are up an average of half a percent, so, meh, I’m fine.
More broadly speaking, the /RTY futures are still sporting a pitch-perfect reversal away from their Fibonacci retracement level and, I would hasten to mention, Bear Force One launches just after the close on Thursday. It’s a BIG trip, too, so if the market plunges on Friday, you know precisely who gets the credit.
It’s long, at over an hour, but worth every minute.
