Good morning, folks. I had to check my calendar to figure it out, but it’s been a shade over nine years since we’ve woken up to any red quotes on the screen. Yet there it is, on the heels of the 137th lifetime high in human history – – we’re actually getting some selling.
Yesterday, I was assaulted by some Bozo at Bank of America who was bribed, I suspect, to write up a strong buy recommendation for Shopify (SHOP), which blew me out of that position. All kinds of other bad things have been happening, more or less in the form of endless trillions being plowed into BUY orders. Mercifully, the good people of China have decided to throw a wrench into the machinery with some kind of semiconductor snub or something or another. The reason doesn’t matter to me. As long as prices are sinking, I’m a happy camper, as all seven of my positions are looking at a very good opening bell.
Tech stocks are particularly weak, with the /NQ down about 1.5% as I’m typing this. There were, of course, some positions to which I screamed “UNCLE!” yesterday (actually, I think my language was much more colorful), whose elimination I of course now regret. But it’s been rough, ain’t it, boys?
One example of the suckitude has been the /RTY futures which just twenty four hours ago looked gloriously ready to fall away from their Fibonacci resistance. The /RTY instead made a splendidly obscene gesture with its two middle fingers directly in my direction and ripped above its line. I would like to meekly point out that this does happen from time to time, yet it has always been following by a snap-back into the range where the price belongs.
In any case, hey, market gods – – how about making this red stick for a change?
