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Well, finally. Finally, finally, finally the /RTY actually falls for the day. And yet – – once again – – we are at the Fibonacci!! This sucker has been playing jump-rope for what feels like years at this point. Make up your mind! Even better, make up your mind to go DOWN and STAY down! Good grief!
Following the historic bombing of Iran over the weekend, the reaction to which was an over 600 point drop on the Dow according to the Weekend markets, some cynics began to write “It’ll be green by the open!” Yeah, yeah, you silly boys. Give me a break. Not this time. It’s WW3, after all! And yet………
I’ll start off with this item: JP Morgan laid out in great detail precisely how likely various CPI results would be this morning and what the consequences of the number would be for equities. Kindly direct your attention to the highlighted portion.
God, this market is annoying. Seriously.
The bulls pushed, and pushed, and pushed things higher, zipping things into the green briefly after the open. What pisses me off is that I actually got stopped out of a few positions – XOP, COP, MTDR – and then, as God intended, everything puked.
In the midst of all the international court of trade nonsense, I overlooked that BBY had their earnings announcement, and it blew up the stock quite nicely. This is a very profitable position, but I’ve tightened up my stop and am just going to keep holding on to the short.
