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You would think that I’d be facing this day with a certain amount of dread. After all, the bulls are all high-fiving one another, and public has fallen head-over-heels over anything to do with AI (since the whole crypto thing didn’t work out), and the /NQ futures are up hundreds of points. And, of course, the Queen of it all, Nvidia, is tapping on $400 and an immediate lifetime high at the opening bell.
I seem to share the same bimodal state of mind that most traders do:
I have moved from Phase 1 to Phase 2 with tremendous alacrity this week. Rest assured, I am in Regret mode, mainly because I moved 25% of my account into cash last week, and there it has stayed.
Speaking of regret, my insistence that the Metals ETF (XME) is bearing serious fruit for some of you (but not me!!!). This is PRECISELY what I was anticipating. Here’s the minute bar chart:
(more…)Good morning, and I use that term reservedly. We come to the end of the Week From Hell, with today being an options expiration day. Everything is solid green across the board, and the only meaningful and logical resistance point is the next Fibonacci level on the /NQ, which would actually put us beneath the H&S setup from way back in 2021.
“Sell in May and go away,” my ass.
To be honest, it should have been crystal clear when I got the special “Interim Bulletin” from the boys in Gainesville two days ago. Any time the market really seems like it’s totally done and will enter a free-fall, they send out one of these things. It only happens once or twice a year, but I don’t think any of them have ever preceded anything except another rally.
So what has transpired in the two days since then was predictable……….
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