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This is dumb, silly, and just for fun………
On Sunday night, I happened to stumble across some really old index data (yes, my friends, this is the kind of thing I do FOR FUN on a weekend). It was from the late 1700s up until 1900, and it was representative of the US stock market. This was before the days of even the Dow Industrials, of course, so I’m not sure what they cobbled together, but it was interesting data nonetheless. I made a simple line chart out of it:
Ever since eclipse day (the 21st of August), markets have been surging higher, thanks, it seems, to the distinct lack of nuclear missiles flying through the air. The small caps are up nearly 6% in that brief timespan, but I think it would do us all good to keep the big picture in mind.
Here’s the index for the past twenty years. As you can see, we have hit that red resistance line five times now, turning back in each instance.
I keep looping back to the word “annoying” to describe the market, and that still seems to fit. The goddamned thing just won’t go into a freefall. To be clear, I had a good week, but good God almighty, it’s way too much work. Market Gods, throw me a bone here! Give me a morning where the ES is down 50! Do it for the Timster.
Anyway, one big theme all year long has been the US dollar’s steady progression from (1) mega-powerful currency to (2) quilted toilet paper. I suspect this trend will continue as Trump continues to bungle his way through his only term.
Sometimes I like to trot these lumbering monthlies out so we can quiet everything down and see where various markets are slowly heading.
First of all, as I go down with my ‘strengthening US dollar’ ship*, I also mal-projected copper’s upside. I’d felt that $3/lb. would cap Doctor Copper because it is very clear lateral resistance at a handy 38% Fib retrace.**
