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Considering the precipice our toes are all collectively poised over, it’s bizarre that as I stand here just before the opening bell, the entire market is essentially unchanged.
Over the three-day weekend, there have been three mains on the /ES chart:
Welcome to Friday. I’m not comfortable doing any kind of deep dive into the markets at the moment, since the obese crime lord may be lining up another trading scheme and might spring a “Truth” on us at any moment, but I will at least say this: this week, featuring its three diminishing “jolts“, has been worth of an entire book.
As I stand here, 96 hours after the first mega-jolt early on Monday morning, I am impressed how we’ve come full circle in the market, completely unwinding the explosive move that the stupid, inept slob set in motion with his Monday morning lies. Today is going to be another fascinating journey, and I think I’m looking forward to it. I am exceptionally short and ready to chart.
The vast majority of the rally Trump created to make illicit profits off crude and equity futures is gone. I imagine it won’t be long until the rest of this lies-based rally has been eradicated, which will allow us to wait for the next shovelful of horseshit he’s reading to toss out and the red hats to gobble up with glee.
I’ll begin today not with a prayer but with a quote which I think is quite germane for our times.
“The result of a consistent and total substitution of lies for factual truth is not that the lies will now be accepted as truth, but that the sense by which we take our bearings in the real world is being destroyed.” — Hannah Arendt, Crises of the Republic (1972)
With that in mind, here’s with the /NQ is doing relative to the comic mega-spike of Monday morning. This deceit has been about 80% reversed so far (irrelevant to the Trump clan, who already secured profits on their long ES/short CL positions).
Interesting experience just now, my friends: I was fast asleep, and at around 4 in the morning (just minutes ago) I decided to check in how the markets were going. I had been berating myself for lightening up on Friday and, in particular, getting rid of my inverse BTC position. I glanced at the screen, and oh-my-God:
