There are about 10,000 bulls for every true bear, and they mounted yet another attack this morning, trying to push this laughably overvalued market higher. It worked for a while, as green started to sprinkle across the screens of CNBC addicts the world over, then it did a hard about-face, as such unwanted things as Reality and Sense began to intrude onto their fantasy world. You can see we even took out recent lows on the /ES.
The /NQ was even more dramatic, blasting higher this morning, thanks to the empty-headed bulls, before taking out multiple support levels.
I gave up on energy yesterday, which is pretty much the millisecond that it began to turn south. I at least have profitable XOP and XLE put positions, but, yeah, I dumped my individual energy plays are just about the worst possible time.
You see, the MONSTER top in crude oil is still absolutely intact, and if I had an IQ above 70, I’d have just stuck with my positioning. But………….I don’t.
