Good morning, everyone. I’m sorry if I appear a bit AWOL lately, but after 30 months of avoiding Covid-19, we’ve got a family member with a pretty severe case (but abating……) and I’m trying my very best to avoid getting it myself. I actually lead a fairly not-too-stressful life, but a lot of folks depend on me, so it’s important that I stay healthy and maintain the chiseled, oiled physique for which I am so well known.
Mercifully, I didn’t wake up to anything scary, having endured a not-great-night of occasional sleep. After yesterday’s surprise tumble, trading has been as flat as a dining table.
The key for us bears is to take out 3800 on the /ES. That’s a psychologically-important level, and it also constitutes the dividing line between the basing pattern and everything afterward.
I’d also note in passing that, for the first time since Millard Fillmore was in office, gold is actually UP.
I presently have 40 different bearish positions. One of them I entered yesterday was Chipotle, which has crazy-expensive options. I got it through my thick skull that it’s OK to have a hybrid account, and I could simply short the stuff even in the midst of a bunch of normal put options. So I shorted it at $1323.
Priority one for me is to guard my healthy (which is feeling a bit wobbly). Hopefully, I’ll be spared anything beyond the mild symptoms I have at present.
