Perfect? Why would I say that? Every single index is up, and up big!
Well, it’s raining, for one thing. I’ve got the window open on this pitch-black morning, and the sound of the rain always pleases me. I guess it’s no shock that rain is my favorite kind of weather. I’ve got Bob Dylan’s Street Legal playing in the background, my dogs are here, my charts are here, and I’m feeling comfortable with the market. So I’ve shed some profits this morning. So what? They’ll come back.
The market’s ephemeral strength, of course, has come from the un-surprising CPI print, which caused the /ES to bounce (although not quite as high as its post-bailout peak, circled below).
Tech stocks are particularly strong, with the /NQ actually above the bailout peak reached around midnight before Monday’s open. The Silicon Valley is saved! Yay! (Spoiler alert: it isn’t).
One of the reasons I’m unfazed by this strength is because I’ve seen this movie before.
I’m also pleased to see my suggestion to (ironically) my Gold and Platinum folks to short precious metals is working out so far. Incidentally, zStock and others who were wondering – – the reason comments from that premium post were showing up in SlopeTalk was because I hadn’t set the Premium category on the post. So – – my mistake. It wasn’t a bug. It was me.
In case you haven’t looked, here’s where the (fake) CPI numbers came in at – – precisely at the forecast, right down to the tenth of a percentage point. These will get revised higher later, once people aren’t paying attention.
Oh, and one last thing: the Golden Cross that the mainstream media was jumping up and down about with zeal last month………….it’s dead. Of course, you’re not going to hear about that. The MSM only reports bullish news. Never bearish. But I just thought you’d like to know.
