Good morning (more or less) to everyone. I’ve been up much of the night trying to deal with a fairly severe network issue which has hobbled many of the tools (particularly SlopeCharts) on my beloved site (Substack readers are NOT affected).
Those of you on mobile are doing just fine, but otherwise, please read this quick post from Sunday to see what’s going on. It could be a number of hours (not days, hopefully, but you never know) before things are good again, and I promise to do a post to let you know when things are solid.
In between tech support calls, I’ve been checking the overnight action. Bitcoin has undone a big chunk of the exciting plunge it had earlier, although it is still down quadruple digits.
The /ES is also down, although over the course of the week is had just been grinding itself into absolutely nowhere at all.
Speaking of grinding, NVDA has been spinning in circles and going nowhere since literally last July. This is a big week for Nvidia (and the market) since they announce earnings results shortly after the close on Wednesday. This is probably the seminal event of the week.
As for the /NQ on a longer-term basis, it has been hammering out what appears to be a massive distribution top for many months now, and this morning’s weakness (as of this composition, at least) is another small step in the right direction.
My dream scenario would be something along these lines, and the dozens of small short positions I’ve got are aligned with that.
Kindly pray to any nearby deities to escalate the support we are getting from our host provider from Incompetent to merely Inept, and in the meantime, rest assured we are applying all appropriate pressure!
