It’s a good thing I slept through this.
Below, on the /ES, the market climbed for much of the night for no particular reason. Yesterday we broke out above resistance, and overnight the market bested even that insanity, egging the bulls on based on assurances from their dizzy leader that the war is “over.” It would have been a dismal sight for your dear friend Tim.
Happily, two things happened. First, as it always does, it slowly became apparent that the aforementioned leader has no earthly clue what his mushy brain is telling him, and second, the inflation data came in more than twice as high as was assumed.
Keep in mind, these are incredibly massaged government-based numbers, so God knows how high inflation actually is, but this ostensible fact set shows that the PPI has been steadily climbing for months and that, for the third month in a row, it is higher than projected. I would hasten to add this does not take into account recent energy cost changes, which are up more than 100%.
Thus, the ding-dongs that were gobbling up the /ES had an English hothouse cucumber lodged up their backside.
All of which led to not just a Failed Bullish Breakout but two in a row!
The /RTY did the same schtick.
As did the /NQ.
The Dow Industrials futures, /YM, didn’t even bother with such childish nonsense, since its overnight rally didn’t even match the silliness from the day prior.
Is there any place to hide? How about precious metals? How about the king of them all, gold?
Nope. Not a chance.
I’m also pleased to report that I had run out of patience yesterday and decided to short Bitcoin in size again. So far, so good!
I will leave you with my good wishes and a photo from this morning to illustrate a sign of what it means to be living one’s best life. See ya later!
