On Monday evening, I wrote a post to my Gold and Diamond subscribers pointing out, among other things, the irksome wall of support that was, apropos of nothing, supporting prices. In spite of weakness, it just kept hitting that wall and bouncing. When I turned off my monitors last night, the ES was down 24, but sure enough, it’s up double digits as I’m typing this. Because: Fed.
I suspect in the basement of the Eccles building is a big whiteboard that has written on it: RUSSELL 1300, ES 2895. Because those are the levels that appear to be like reinforced concrete. It’s simply astonishing. Just look at each of these two graphs. It’s the textbook definition of “resistance” turning magically into “support.”
I’m glad there isn’t a tax on how many times a person thinks of the word “annoying”, because I’d be deeply in debt by now. Nearly two months of this nonsense. And how many more to go?
I remain relatively lightly positioned, and a little more peeved with every passing day.
