After the first hour of trading this morning, allow me to offer this……….
The equity futures began their final lunges toward their gap-closing exercise, only to completely reverse it. As I am typing this, the /ES even managed to go briefly red.
The NASDAQ’s reversal was even more dramatic.
I have a renewed interest in oil, which treated me so well in recent weeks. Looking at the crude oil futures, we can see that the latest attempt at a hearty breakout has fizzled away.
I remain cautious and cash-heavy. In fact, I have a completely ridiculous amount of cash laying around in my banking accounts (a nice problem to have, but it’s so boring………….) but I’ve decided to wall off my brokerage account to any more cash and simply stick to the knitting instead of dumping more buying power into it. These counter-trend rallies are so damned boring, so tedious, and so annoying, but I guess the bulls just have to get their ya-ya’s out of their system.
I remain with 25 bearish positions and a laughable 40% cash position. I think I will go pedal-to-the-metal before I step on that airplane on Friday, even though, as I said, I won’t re-deposit my cash funds. I’m getting cautious in my advanced years.
