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It what has become a big weekly event – – until a couple of months ago, it wasn’t even on anyone’s radar – – the initial jobless claims came out today, and it’s another big’un. It’s diminishing, of course, but “diminishing” is relative.
Let me state the obvious: it’s one whole hell of a lot more fun to trade a market like the one from Feb 20 through Mar 23.………
Between Market Sniper’s death, and the nearly 50% rise in the market over the past month, I’m in a worse-than-melancholic mood. I wanted to share a few thoughts about my own risk disposition.
From late February through late March, I felt like Charles Lindbergh waving to the crowds of Manhattan during a ticker tape parade. From late March until late April, I felt like I was tied to a chair while the ghost of Charles Lindbergh urinated directly into my face. It’s been miserable, even though year-to-date I’m probably ahead of way more than 90% of traders. But still – – Jesus, man, I’ve hated this month.
It doesn’t help that the ES seems absolutely poised to break above its bullish cup with handle pattern.
Having experienced multiple quadruple-point days, including moves along the lines of 2,000 points, we’ve all become accustomed to unchecked mayhem. I was feeling that today was a complete bore, and I noticed the Dow was up about 500 points. This is yet another “new normal”, I guess.
The chart below is not of the Dow, but of the Russell 2000. It makes the same point in a different way. Notice how the dynamism of the small caps has sputtered into the apex of the triangle, and how the range of the bars has changed from enormous to puny.
