Mercifully, there are only nine days left, from what I can tell, before this ridiculous flypaper of a market we’re stuck on can get let loose. By the end of next weekend (that is, October 13th), there should be some kind of meaningful news – – be it a deal, a divorce, or a never-ending pledge to talk about Real Soon Now – – that will let the markets roam for a bit. In the meanwhile, the ES is getting swatted at like a cat’s toy:
Which itself is just a newer, lower range we’ve been banging around within after the failure of the higher “3000-ish” range on the ES.
One safe haven that’s been having a terrible time for about a month is precious metals, with gold in particular being shown below. A small head and shoulders pattern is complete, and there’s a “free-fall zone” down to that horizontal line.
The key for me is the KBE (rhyme not intentional, but appreciated). The bank sector has been clearly painting out a series of lower highs. There is a massive, multi-year bear formation still in progress. I’m monitoring this constantly.
Finally, be sure to check about the news about TradeMachine if you missed it last night.
