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Well, slip me into a pink taffeta dress and call me Peaches. This is a bit of a surprise so far. After being absolutely petrified (actually, I was pretty damned cool about the whole thing, as I hope my tone in the prior post conveyed), it seems that the bank-driven bulls swiftly ran out of mojo.
Good morning, Slopers. Well, the wind continues to fully inflate the sails of the U.S.S. Bullish, as the world’s most protected and enriched “free” enterprise sector, the big banks, continues to produce excellent earnings. It’s sort of like celebrating that the Army and Marines secured funding for the year. It’s kind of a guarantee. In any event, the /ES has pushed based the Fibonacci retracement (red line) and is sporting a very saucer dish, ready to rock higher.
I can’t remember ever seeing anything like this before, especially with a huge ETF: for a dozen trading days, the NASDAQ 100 ETF symbol QQQ has been absolutely incarcerated in a teensy-weensy, tiny-whiny, itty-bitty little trading range. If the jackoffs in D.C. would actually get out of our way, this market could be a market again, but instead we have this absurd Kafka-esque fiscal nightmare.
Good morning, everyone, and welcome to a new full 5-day week without any ridiculous holiday. It’s good to be back. Please note that the government’s efforts to strangle volatility out of the markets has met with glorious success, comrades, as we have matched the pitiful levels of Groundhog Day. We almost got a 16-handle out of this poor bastard as your tax dollars are devoted to strangling the life out of the free markets.
Well, suffice it to say, the grind up continues and we are in bear hell. What has been clear to me is that this is a day trader’s market (for the most part). For swing traders and others, trying to stay in position in either direction won’t work (unless you are playing the really long game). It hadn’t really worked since October.
