It’s a good morning, and I’ve been busying tightening up stops. One stock that’s done nicely is Dollar Tree (DLTR) which is down about 3.5%, affirming the value of its (imperfect) H&S top.
Barking Up the Wrong Tree
FBBs are My BFFs
It’s a good thing I slept through this.
Below, on the /ES, the market climbed for much of the night for no particular reason. Yesterday we broke out above resistance, and overnight the market bested even that insanity, egging the bulls on based on assurances from their dizzy leader that the war is “over.” It would have been a dismal sight for your dear friend Tim.
U.S. Energy
I’m still flummoxed by the “drill, baby, drill” idiocy, since it seems like the U.S. has poked plenty enough holes into the Earth. Energy independence is a clear strategic advantage.
Tonight’s Head Lines
Monday and Tuesday were all about the bulls fighting back against the downtrend. It certainly helped them that Trump said repeatedly that the war was already “won” and that the price of oil was going to “drop like a rock” (or was like Iraq?)
Some people here worship the ground the man walks on. I prefer to do other things to the same ground. I am betting against this nonsense. The indexes will tell us the truth by deciding whether or not to stay beneath their respective dashed horizontal lines or not.
