What a weekend, eh? Looking at the 5-minute bar chart of the NASDAQ futures, it’s almost quaint to remember the NVDA price spike from only three trading sessions ago (post-close Wednesday), marked with the red arrow (dur-hay). That was truly the last gasp as the market, crazy as the news is, is actually following a marvelously steady slide in a series of Tim-loving lower lows and lower highs.
Looking closer, we can see the absolute mayhem which has been transpiring even before the regular markets have opened (I’m typing this for you dear readers over an hour before the opening bell):
- red: initial gap down, reacting to the war with Iran news;
- green: the “oh, hey, dude, they still want to negotiate” news, which I found TOTALLY implausible (and was correct to doubt) because the notion that a proud nation like Iran would virtually instantly surrender like this was laughable on its face, but, hey, the public isn’t too swift sometimes;
- blue: Iran gently clarifying the misunderstanding by telling the world to shove it;
- cyan: the 99.999999% of the planet, which is to say bulls, that is still bidding up the market in a hope that things will turn out just swell when it’s all over, and Trump will wrap this bad boy up in a few weeks, just like he promises and stuff.
Still, again, as I accurately predicted, it was time for volatility to get frisky again, and we’re back in the lower 20s (even though, c’mon, we should be at 60 or so).
Gold is absolutely loving this, and although I’m not so sure it’ll do the deed, it’s actually within striking distance of a lifetime high.
Crude has been swinging wilder than John Holmes at a nude foot race, but it’s still up strong with about an 8% gain.
I’ve thanked her many times already, but I again just want to tip my head in the general direction of the haggard Ms. Bondi, whose heartless screeching of the Dow being over fifty thousand dollars (sic) demanded our attention as opposed to all the whining victims.
Lastly, I don’t normally trade overseas markets, but my second largest position is actually Japan. The /NKD is down much, much harder than the U.S. markets, so that’s looking sweet as well.
With an hour to go before the open, I’m still leering at the quotes to make sure something insane doesn’t happen, but I think it’s safe to say that the bears will at least have an encouraging opening bell. I am very aggressively positioned right now, so it’s going to be an awfully interesting day.
