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The bulls aren’t going to let their 17 yearlong always-go-up market go without a ferocious battle. Even on a minute-by-minute basis, we can see the counterattacks, such as the /RTY, below, which was slipping away nicely until it started getting gobbled up. As of this composition, all the big equity futures are still down, but by embarrassingly small amounts.
Greetings, all. I first want to mention that we made a substantial number of improvements to our network setup last night, which seems to have really helped performance. If you see anything untoward, drop me a line, but I think most of you have probably already noticed how much better things are working.
As for the market, well, after a nice bit of selling this morning, we’ve got this to contend with:
I trust everyone is having a good long weekend. Let’s take a look at some major U.S. cash index charts.
First up is the NASDAQ Composite. My spidey sense is that we are going to break below that range before this month is over, which should set off a handsome sell-offf.
I reduced my exposure earlier today to a mere 68% and am watching from a safe distance as people fall all over themselves to buy equities. Don’t be so sure this is wise. The nature of the market has changed. I’d just rather not be overly exposed in front of a three-day weekend.
As with last week, I had a couple of fantastic back-to-back days. Each of them started off looking bad, then as the day wore on it just got better and better. I can only hope that, unlike last week, it doesn’t all get undone with some mega-rally on Friday.
The Dow Industrials slipped hundreds of points under the psychologically important 50,000 (or, if you’re Pam Bondi, 50,000 dollar) level. Happy as I am with this drop, nothing has changed with this index. The ascent has been smooth as silk, and the trio of exponential moving averages I’m using on all these charts is just about as steady as one could hope.
