I’ll be heading out very soon, but I have time for a quick post.
What’s happening this morning is one version of what I hoped wouldn’t happen with my all-cash account: the ES and NQ are in the red and looking weak, and the bears look far better-positioned than the bulls. All this “December rally” nonsense is turning out to be just that. Even energy, which had been the focus on the bulls’ success last week, has fallen to pieces for the 138th time in a row.
The pattern I’ve outlined below is what is going to count for weeks to come. We’ve simply been tracing out a series of lower highs (cyan tint) and a break of 1983 would set us reeling to the downside. As for myself, I’ll be counting the hours until 2015 wraps up so I can trade like a wild man again.
