The Dow Industrials futures are blasting higher, well above the psychologically satisfying 50,000 level, as the Trump-Xi U.S./China summit continues apace, replete with a retinue of family members and business bigwigs.
Things aren’t so grand with the Chinese market itself. The FXI ripped higher yesterday out of giddy excitement due to the meeting, but all those gains are already gone.
One of the few U.S. markets that not completely inscrutable is the /RTY (small cap futures) which is engaged in a waltz with its trendline that keeps shifting roles from support to (presently) resistance.
As for crude oil, it has hammered out a short-term H&S top and could easily slip a few dollars lower from these levels. I’m long put options (as of yesterday) of HAL and SLB.
Lastly, it could be a big day for Bitcoin, as the so-called Clarity Act has a crucial vote coming up early today. I remain short, although I trimmed my position yesterday as a cautionary act.
I continue to manage this market in a mellow fashion. My portfolio has been creeping a little higher each day, thanks for carefully chosen short picks, as I continue to be the proverbial salmon swimming ferociously up a raging stream of insanity.
