Well, finally. Finally, finally, finally the /RTY actually falls for the day. And yet – – once again – – we are at the Fibonacci!! This sucker has been playing jump-rope for what feels like years at this point. Make up your mind! Even better, make up your mind to go DOWN and STAY down! Good grief!
This illustrates in a nutshell why I’m halfway to the loony bin: for weeks now, the /RTY keeps zipping back to the 2150 Fib, either as resistance or, this time, support. My point being: it could break this level immediately after this post, and it wouldn’t mean much, because every time it goes, the gravitational pull just keeps yanking it back…………….which it will continue to do, until it doesn’t.
The off-season earnings report was brought to you today by Micron (MU) which is up, yes, but has already burned off about half those gains We’ll see if it sticks, which is important, since semiconductors have been so ungodly strong lately.
The NASDAQ reached its highest level in history today, which I took as an opportunity to sell into the strength. I am presently in twenty short positions, including the ETFs QQQ, IWM, XLB, and XME.
I’m still keeping things sane and sensible, however, with a cash commitment level of 81%. On the economic front, we’ve got the PCE scheduled for Friday morning (pre-open) and, next Thursday, we’ve got the unemployment report. We’d normally get it on a Friday, but we’ve got yet another forced holiday next week (although I actually have no complaints about Independence Day as a day to honor).
