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I’ve been wringing my hands all weekend, wondering what was next. We were limit down for much of Sunday. When I conked out, we were almost limit down, about -110 on the ES. And then I woke up, fire up the ol’ iPad, and……..Ho Lee Lord!
Remember what happened back on February 20th? Yes, you’re right, the highest prices for equities in the history of the world. But something else, too: it was the day that the geniuses at MorganStanley paid a huge premium to purchase what is agreeably one of the lamest online brokers ever, E*Trade:
Using the custom symbol feature in SlopeCharts, I enjoy looking at ratio charts on occasion. Here are some updated charts of some of the more interesting ones.
Here’s the small caps versus the S&P 500, showing how much weaker the Russell has been during this disaster:
My last few posts have been a coronavirus COVID-19 series, so I’m putting in the links here so as to refer back to them easily for now. These are the six posts so far.
I lost 1% today. My trades were all pretty much duds. I took damage from my TLT and GDX shorts. I got out of my GLD short at a small profit. I am still long BA. But on the whole, I felt rather “out of synch“‘ today. Given how fantastic the past month has been, meh, I can live with it. I just forgot was it was like to end the day in the red.
Still, I’m not sure how much “synch” there exists that one can be “in” with at all. This market is unrepentant chop. One glance at the ES shows that all we’ve doing is banging around in a slightly lower range.