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It’s a good morning so far. The empty-headed bulls fell all over themselves buying this “cheap” market (actually the most overvalued in history) to crank the /ES up to PRECISELY, I say again, PRECISELY, the Fibonacci. That’s when I gobbled up IWM puts like a pig.
Gold is real money. Dollars, pesos, and yen are all toilet paper. To judge the true fate of equity markets, observe the major stock indexes below, each of which are shown as measured by gold. Every single one looks like a gargantuan top for a reason. Because they are.
So here we have a day in which the ES, NQ, RTY, and ZB are all bright green. In spite of that, I just got this SlopeAlert:
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Click here for a special 99 cents offer to try Gold out super-cheap! Unless you’ve got something else really important to do with that ninety-nine cents, like buy a third of a cup of coffee or something.
It’s do-or-die time. Either, for the 4th time, small caps slink away from this crucial level, or the bulls perform the coup-de-grace for the two or three remaining bears on the planet.
