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Ever since December 15th, the market has been grinding around in a range without any clear advantage to either side. This morning, it looks like the bulls have a real chance to run with the ball, as there is some follow-through from Friday’s huge rally, as prices begun to emerge from the top of the range.
For the third time in a row, the CPI report has given the bulls a massive gift. As I’m typing this, minutes before the opening bell, the ES is up 125, the NQ is up almost 500, and it’s a total frenzy. Briefly, the /ES even pushed above its descending trendline.
Well this is pretty damned sickening. On the one hand, you’ve got what happened on Wednesday with Powell’s speech. It was a speech. Words. Words from a bureaucrat meant to reassure. Just words. And yet, not a downtick all day. An absolutely brutal, unrestrained run-up.
Ugh. Here’s “the fish that got away” story.
For the longest time, I wanted to be short G-III Apparel (GIII) but the options for it absolutely STINK. So I left it alone, even though it looked like a great short.
