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About a week ago, I was thinking to myself, “Tim, ol’ boy, you’ll be able to load up on cheap stocks and ride this bull higher! It’ll be like March 2009 was dropped into your lap!” I was genuinely excited about the prospect of having as much fun with bullish charts as bearish charts.
Since that time, having surveyed literally thousands of charts, I’m here to tell ya something: there are precious few honest-to-goodness attractive bullish charts out there. One of the handful, as I’ve mentioned, is BLDP:
It appears that my The Bottom Is In post managed to nail the bottom after all. One key moment happened after hours yesterday, after California Governor Newsom announced that the entire state would be in a state of lockdown. The ES and NQ sold off some at first (blue tint below), but within a few minutes, they regained their footing. They’ve spent all night climbing, with the NQ itself limit-up for a while (green tint).
Peak Oil? That
was an obvious and widespread promotion while it was in play and did not
fool anyone who bothered to step aside from the herd that ran with it.
Peak Terror in
broad stock markets? Well, that I don’t discount so readily because this
is a system that was a debt-bloated accident waiting for the trigger
that turned out to be COVID-19. Terrified casino patrons
will pray that the Fed’s bullets are not duds because that is the only
way out. That and the still-intact mass confidence in the Keynesian debt
scheme that the Fed operates within.
As I begin this post, it’s 4:30 in the morning. I’ve been awake since 1:30. I’m usually a brilliant sleeper. I close my eyes and 10 and fall asleep instantly, and then I wake up at 5:20 a.m. with no alarm and get my day started. Not this time. It’s been too crazy.
Think of what’s transpired. Last Wednesday, the market was at the highest levels in human history (which is a little peculiar, since the whole “virus” thing was well known and spreading fast). Yesterday, we had the biggest drop on the Dow in human history. Added to which, this has been the shortest 10%+ drop in equities in human history. Absolutely incredible.