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Good morning ,everyone (and this time, I didn’t have to put the word good in quotes). We’ve got a nice solid red morning, and I’m delighted to report that we’ve had a solid week of bleed-out across the board. It all makes sense, considering the white-hot fever of bear-abuse going on beforehand.
If we close this day red, that’ll make two back-to-back red days, which hasn’t happened since Dwight Eisenhower proposed to Mamie. It’s too early to honor that kind of event, however, since the market hasn’t even opened yet, but we’re red across the board, and the /ES has been working hard to burn off last Thursday’s insane mega-rally.
The market fell half a percentage point, so I suspect emergency committees are being formed in D.C. to introduce new programs for accommodation and stimulation. While we bask in the glory of this minuscule wipeout, let’s review a quintet of important ETFs.
First up is the global equity fund EFA, which continues to be held in contempt, beneath the broken trendline. We are within a consolidation range (green tint). So long as we can stay beneath the broken long-term trendline, there is a prospect of a sell-off more meaningful than half a percent.
Good God. Thank heavens that’s over. Yet another government-mandated three-day weekend, in which hundreds of billions of dollars of productivity are torched so that people can sit around and have no idea what to do with their day. Of course, if we also include the millions of federal employees in the equation, an additional $3.67 was lost in productivity due to the holiday as well. But now we are all permitted to actually attempt to lead meaningful, productive lives again (the aforementioned government employees notwithstanding), So let’s get started.
As of this moment (although the powers-that-be are fighting like hell to reverse it ASAP), the quotes are red. The /ES is down 11 points and has been slowly sliding.
Preface to all KYS posts: It is my view that most Slopers are overlooking the vast majority of content and features on the site, and I am hoping over this long holiday weekend that I can remind you of what’s in here and prod some to action. For this particular feature, which I encourage you to check out, the relevant link is here.
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