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After things heated up following Powell’s dovish capitulation to Trump, I took my DIA puts behind the barn and shot ’em dead. It’s a shame, but the risk of an inverted head & shoulders continuation pattern just too great. Of course, if today is a top and the Dow Industrials reverse hard from here, please take ME behind the barn and put me to the same fate!
This pair of candid shots were taken last night. I don’t think anything sums up the past month better. Ask me what happened in a few years.
This morning’s futures charts are a picture-perfect image of what the bulls want to see. We have the /NQ gliding effortlessly up to lifetime highs.
I am the first one to share the news that I had a fantastic trading day. This is not one of those times. On the contrary, I got hammered by 2.56%, and I screamed in retreat from over 100% committed to merely 50%. The well-received CPI ran over me like a truck.
Although there’s no doubt that the bulls are absolutely stomping the bears this morning, the movement so far isn’t exactly definitive. Incredibly, the /NQ actually went red briefly during all the gyrations following the mild CPI report. As of this moment, the /ES and /NQ are both up half a percent while the small caps are up more strongly at one and two thirds percent.
