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Those of us of a certain age will recall a frequent television commercial for paper towels illustrating how much more absorbent they were than the competition. They were described as “the quicker picker-upper“, and their absorbent qualities would be illustrated thusly:
It occurs to me that this is precisely the kind of market we are in right now. If bad news comes, sure, there might be a day or two of rumbling and hand-wringing, but it all gets absorbed, it all gets digested, and everyone moves on. Recent history has been just another example of this resilience. All the horror about a global trade war seems to have been shrugged off in a matter of three days. (more…)
Some of you have seen this before. Some of you haven’t. I’ve watched it many times. If there was one thing that convinced me that I wanted to live in the world of trading, it was this 1987 documentary on Paul Tudor Jones: The Trader.
I have written about Sotheby’smany times in the past, because it has the curious role of being basically the company catering specifically to Very Rich People. Let’s face it, folks like you and me aren’t bidding tens (or hundreds) of millions of dollars on pieces of art. In the past, Sotheby’s has been an interesting harbinger of psychological shifts in the market, but I must say, I’m not seeing it here. It just keeps blasting to lifetime highs. All that central bank money has to flow somewhere, I guess……..might as well be a $150 million painting.
A couple of weeks ago, I ran a SlopeCharts survey to find out what people wanted to see in my beloved SlopeCharts product. I was surprised to see that by far the most requested improvement was the availability of chart periods other than daily – – that is, weekly and monthly charts.
Well, they’re ready to use now for everyone! You’ll see this new item up on the SlopeCharts menu bar:
Days like yesterday REALLY mess with my head, and only magnifies the distrust I have of this market on a day-to-day basis.
As you well know, Sunday night/Monday night was a sea of red. However, as has happened about 97.8% of the time over the past decade, the moment the opening bell rang, the Plunge Protection Team took over and healed the damage. What had started out as a handsomely profitable day turned out to be a wash and a waste of time.