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Tonight I’m going to forego the usual quest for thin reeds on which to hang the equity bear case, and instead offer up reasons why all hope is lost for now. So here goes…..
First, the Dow Jones Composite has penetrated and successfully tested its former resistance line. This resistance is now acting as support, as illustrated by yesterday’s test of the line and today’s acceleration up and away from it.
Thanks to the Bank of Japan, I got pretty much no sleep at all last night. As you all know, they announced that they would be printing up nearly a trillion dollars a year, with no stated end-date, for the purpose of buying up their own government’s bonds as well as equities, both domestic and abroad. The currency wars are in full swing, and we have truly lurched into a new level of insanity. My bearishness on precious metals and crude oil (and their producers) is the only silver lining right now.
Well, for the 8,398th time in a row, the BTFD crowd has been proved correct. The “full-scale invasion” of Ukraine that prompted a cataclysmic, earth-shattering collapse of 8 points on the ES is now completely retracing.
