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There really are no words at this point. 2023 has been the Bulls’ Revenge Deluxe right from the start, and this morning, yet again, is a sea of green quotes, lifetime highs, and a new saucer ready to launch the /ES into yet another recovery peak.
The market is a cruel, cruel mistress, but surely the cruelest in years (for me, at least) was the plunge the market took on October 13th on the heels of the hot CPI report.
Well the media has a clear message for the public, and this kind of article is slathered on every outlet you can find……..
Well here we meet again. Yesterday, the /NQ was kind enough to offer a tidbit of some excitement as it fell fairly consistently and managed to cracked its Fibonacci level of 14,374.76. I see we’re taking a lunge at it now, and it will be worth noting if that line manages to hold for the day.
This is a new low. And not the kind of low I enjoy.
I can’t remember a time I’ve felt more despairing about the state of the market than right now. From June 16 to August 16 of last year, we had a two month ascent that I thought was the worst period of my trading life.
That was a walk in the park – – a party – – a festivus – – compared to what’s been going on for the past eight months. I say again, EIGHT MONTHS. I could actually argue twelve months, but October 13th was nominally a lower price point in the market, so I’ll just say eight, even though the easy part of the market stopped cold on June 16th, almost an entire year ago. It’s been pretty much a slog ever since.
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