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It’s quite heartening to wake up to so much red on the screen after all the horror we’ve had to endure this month.
I’d like to encapsulate this horror by way of an anecdote about Western Digital (WDC) shown here on a minute bar basis.
As most of you know, my largest options position is the China ETF symbol FXI. I have quite deliberately chosen March 2027 $37 puts to give me gobs of time to be right (there are presently 219 days left on these, and let’s face it, in the world we live in today, that’s about two centuries from today).
The FXI is a plodding price mover, but in my estimation, we have hammered out the sixth top in this long-term chart and are heading lower. All five preceding tops produced excellent results. It also helps that a certain someone on Pennsylvania Avenue doesn’t have a vested interest in propping this market up.
It may sound remarkable, but I only just got around to watching Band of Brothers, even though it was produced decades ago. I absolutely loved it, since, at my age, being into World War II is practically required by federal statute.
The geopolitical environment and its effects on equities is driving me out of my tree. Trading, for me, has morphed into something akin to driving through a thick fog. It’s becoming exceptionally hard to see what’s ahead.
