Be sure to click on the image below to view it in all its Cohen-esque glory…..
Full disclosure: I truncated the data from May 25 to June 8, simply because I think it is noise in the graph; the prices didn't go above or beyond the range, so I felt it would be a cleaner examination of WAG (whose one-month birthday is on Friday) to see it without this range-bound chunk of time.
The market has been unfolding quite beautifully. Ironically – – and the longer you trade, the more you'll see this kind of irony happen – – the "pain" on Monday morning was precisely what the bears needed.
Our friends at Elliott Wave International, in their Short Term Update tonight, conjecture that the /ES will drop a little more before briefly turning around somewhere in the green area that I've marked. After the aforementioned bounce, then the real fun is supposed to begin. I'm inclined to agree with this interpretation.
Regular Slopers know that I scaled back my 210 positions to a mere 120 today, although I'll be on the prowl tonight for new entries, both bullish and bearish. My one and only long position – – a "flier", if there ever was one – – is BP.
I'm taking my parents and some other family members out to dinner to celebrate my mom's 80th birthday, so I'm going to sign off for a while. (Yep, she was born in 1930, the start of the Great Depression, so that probably explains some of my bearish tendencies). I'll see you Slopers later!
