Greetings, all. I first want to mention that we made a substantial number of improvements to our network setup last night, which seems to have really helped performance. If you see anything untoward, drop me a line, but I think most of you have probably already noticed how much better things are working.
As for the market, well, after a nice bit of selling this morning, we’ve got this to contend with:
That is, an /NQ which has ripped above its short-term resistance, completing a basing pattern. Before we all start jumping off bridges, I’d like to point out that, net, tech stocks have gone precisely NOWHERE since September of last year. It’s just been grinding around with any trend at all for half a year now!
The /ES has been grinding around in a similar fashion, with its only accomplishment being to match its level before the trick or treaters were even ringing our doorbells.
The only thing that has had a clear trend has been crypto, the most robust and lively of which has been Bitcoin. I am bearish this creature by way of a long BITI position, and although this instrument is subject to the machinations and grifts of the present government, I do believe it will crash tens of thousands of dollars below present price levels.
It’s a losing day for me thus far (obviously), but I’ve only taken a 1.2% hit, so I’ll survive. I came into the day on the light side (about 82% committed) and have whittled that down to about 76% while I wait for this buying spasm to blow over.
