After careful consideration, I have determined that waking up to a market down 35 points on the ES with 100 positions (right now) is infinitely better than waking up to a market down 35 points with 0 positions (two mornings ago). Much, much better.
First off, the ES has broken its short-term pattern, and the next goal is to chop past the intermediate support line beneath:
Even more delicious is crude oil, a permabear favorite of mine. World-renowned commodity guru Dennis “the menace” Gartman predicted just yesterday that oil would be “boring” for years to come (yes, years) and that it would be a $37 item, plus or minus $3. Well, the very next day, we’re already at a $34 handle. The G-man remains priceless.
In this sea of wonderfulness, there’s only one piece of bad news, which my friend Northman brought to my attention:
To which there is only one appropriate reaction:
