I’ve got to say, its a really good feeling to end a day in which the /ES went up triple digits (!!!!!!!) and virtually every stock on the planet was higher, and I don’t even have a scratch or a nick to show for it. I’ve got my nice big fat pile of put-option profits right here, thank you very much. Indeed, 2022 has been glorious. I don’t think there’s been a single thing – – not one – – that I’ve predicted that hasn’t transpired. My screw-ups are strictly personal. Maybe I enter a position a little soon. And often I exit it way, way before its potential is fully realized. But those are emotional errors, not chart-based ones. The charts have been divine. Luckily, you don’t have to deal with my emotions in your own trading.
The question before us, of course, is how long these criminal bull sociopaths are going to push the market before reality (AKA the good sense that Slopers have) takes hold again. Will the /ES got to 4,400, as Atilla believes? I don’t think so. My view is one of three possibilities:
- The market is so diseased that today was the ONLY relief the bulls are going to get; or
- The /ES will keep pushing to just under 3,900; or
- The /ES will find some reason (peace in Ukraine?) to get to 4,100
The important truth to keep in mind is that THIS IS A BEAR MARKET. I’ll say that once more, in case you didn’t hear me the first time. THIS IS A BEAR MARKET. As such, quite frankly, it almost doesn’t matter WHEN you take bearish positions, since in my opinion 100% of them will work out. It’s just a matter of how much pain you want to endure in the meantime.
I am not fool enough to go balls-deep into puts like I was even just a week ago, because bulls are, as we all know, absolutely unscrupulous about the lengths they will go to in order to create a fake, overinflated market with no basis in reality. At some point, be it in weeks or months, the Fed will of course cave, and crank out trillions and trillions and trillions of new dollars for their own political purposes, but in the meanwhile, we get to run barefoot in the elysian fields of reality, with good sense, discernment, critical thinking, and other Tim-Knight-like properties.
I’ve always felt Slope memberships were insanely underpriced, so as I’ve hinted, I’ve decided to absolutely crank prices higher and join everyone else on the planet in their inflation party. Two things to note:
- Existing subscribers won’t pay a penny more. Whatever price you have is yours to keep (unless you’re so rude as to cancel and then come back later; you will then have to pay the higher rate); and
- I’m not going to change rates until July 1st, so you’re certainly welcome to jump in now and lock in your rate.
Speaking of memberships, I have a series of index charts below with specific resistance points I wanted to share. I think this will be vitally important levels to observe for signs of a potential turning point. All paying members (not just “premium” Gold and Platinum) can see these below……….
