Yesterday evening, the market had a micro-crash based on rumors that Iran was getting bombed (of all places!) Those rumors were quickly dismissed, and the market had a shaky recovery all night long.
As of half an hour before the opening bell, equities are bruised but no longer battered. When the Bible speaks of wars and rumors of wars, this is probably the chart it has in mind.
I’ve traded long enough to have an opinion on Elliott Wave (at least the kind proffered by our friends in Gainesville). It’s misleading/worthless/harmful in bull markets and nearly invaluable in bear markets.
The question is: what kind of market is this? Yes, yes, we’re at lifetime highs every day, so you’d think I could figure it out. All the same, what EW proposes is that we are at the top of Wave 2, at least as it concerns the Dow.
Perhaps you heard that last weekend the President signed an executive order to allow for the use of psychedelic drug therapy (I suppose for veterans, but I’m not sure of the particulars). Below are five publicly traded instruments which are in this sector:
