In yesterday afternoon’s post, I described the day as “taking the wind out of my sails.” Well, today went ahead and just took the sails themselves. Excuse my bluntness, but God damn it, what happened to our breakdown? The Powers That Be seem to be intolerant of anything more than a few percentage points to the downside before they crank up the buy programs again. It’s revolting.
With all this strength, the ES has cut above the “Thing One” level I mentioned yesterday, and now we’re into the DMZ. There’s very little holding the market back from marching up to somewhere south of 2000. If the bulls were waiting for an opportunity, it has arrived.
What’s bizarre is how “down” I get when the market behaves like this. The market;s movements – – in my favor or against me – – actually barely budge my net worth or personal finances. A market collapse would, on the whole, actually hurt my net worth a great deal, and these ridiculous rallies hardly touch the dial. In spite of that, it just breaks my heart when we get these mega-rallies, especially since we haven’t even seen what the Bank of Japan, People’s Bank of China, the ECB, or the Fed has up their sleeves in the weeks ahead. It’s enough to make me want to quit.
Indeed, I was wondering if I was cursed as I was composing this post over a slice of pie and coffee at a nearby shop, and my tab just arrived:
Yeah, the universe is trying to tell me something.
Oh, and as if there isn’t enough to worry about, crude oil looks like it might potentially violate its own downtrend.
So all the marvelous progress that was made early in 2016 seems to have been laid waste with no rational explanation. Seems like old times.
