In a rare act of propitious timing, I shorted South Korea in size for the first time in my life yesterday. Their market is limit-down, so I’d say things worked out swimmingly.
This time yesterday morning, equity futures were green across the board, yet right now it seems reality has managed to wander into Wall Street. The /ES is down triple digits.
Thus, looking at the bigger picture of /ES (which I offered as comfort to the one or two remaining bears on the planet) continues to shape up beautifully.
Even better, the /NQ is down nearly quadruple digits right now. It’s delightful to see so many bulls with their jaws on the floor, since the mollycoddled pantywaists aren’t accustomed to anything except government bailouts.
My North Star in my portfolio continues to be the SMH, shown here as of yesterday’s close. As you can plainly see, the trendline has been of essential importance, providing rigid resistance. You are going to see prices tumble away from this barrier the moment the market opens.
