It remains remarkable to me what happened between last Tuesday and this Tuesday: an absolutely pitch-perfect traverse from one major Fibonacci to the other. That’s almost four hundred /ES points in less than a week, and in virtually a straight line. I find it comic that folks poured into the market after the based on the dunder-headed logic that lower inflation means stocks should be bought.
I believe the bears have a powerful ally now in the form of overhead supply. People are still deluded by media-invented canards like “The Santa Claus Rally” (what childish treacle!) and keep trying to poke at this dead carcass known as the Bull Market.
Here is my simple-minded wild-assed guess about what’s ahead as we move into the first quarter of the new year.
