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When looking at the charts this morning, it seemed like another grim day for the bears. The only bright spot, Schwab (SCHW) was already starting to strengthen. After a raft of economic data tumbled in, delighting the bulls into an antique-shopping, hair-dressing frenzy, everything fell apart, piece by piece, and step by step, throughout the entire day. It was a lovely sight.
Meh. I don’t like the vibe here, so it’s time for a new post. And it’s to celebrate this:
There have been many instances at 5 a.m. when I’ve reached down to grab my iPad off the side of the bed, nervous about what I’d see once I fired up the quotes, but this morning had to be one of the three hold-your-breath occasions. I’ve never been so happy to see red in my life, and the ES, NQ, and RTY were all solidly down, prompted, at long last, by the reversal in the USD/JPY juggernaut.
One of those shorts-I-mentioned-ceaselessly-but-did-nothing-about is Albermarle (ALB) which has got to be the steadiest and most consistent performance or any short I’ve seen in eons. It looks on track for an ultimate meeting with its lifetime supporting trendline.
