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Good morning, everyone. My goodness. TWO whole mornings in a row with red quotes? Quick, call the Democratic Socialists of America! Call the Fed! Get Yellen on the phone! Something must be done! I must say, however, I raise my cup of coffee to the Fibonacci gods, who had wielded amazing power over the /ES:
Like magic!
The Fibonacci level at 4186 is holding like mad. No matter how bad the news is, there’s a massive bid (probably emanating from the Eccles Building) keeping this thing above the stone butte.
Time to eighty-six this sucker. OK, that’s too clever by half (whatever that means), but my point is that 4186 is the key Fibonacci level, and God bless it, it seems to actually MEAN something.
On Friday, whenever every known stock in the universe was raging higher and every known “analyst” was bullish, I meekly put up a post called Tesla on a Tear where I pointed out TSLA’s stock price relative to its FIbonacci level. If I had even half a testicle left on Friday, I would have said to short the bejesus out of the thing, but – – – I didn’t. Suffice it to say that the high of the day was FOUR SHINY PENNIES above the major Fibonacci resistance.
