Where Things Stand
Thanks to the, ummm, holiday of Juneteenth, indexes were frozen in time as of yesterday (even though futures were permitted to be open). The four major indexes all tell me the same story: so long as prices do not exceed the horizontals I’ve drawn, we have a very real change of the first meaningful drawdown of the year. The stars have all lined up.
Smug Mug
I seriously don’t know why they make me look like this. Anyway, here’s the show:
Swimming Upstream
The market continues to vault to lifetime highs on a nearly daily basis, but my short positions are steadfast. Below I shown all of them, and the three losses (all tinted) which do exist are no greater than half a percentage point.
The Bumpy Road To Peace With Iran
This is another rare post without charts from me, but I want to write some important posts about the prospects for US equities and oil prices over the summer and need to write a post first about the Iran peace process to refer back to as I write those.
Just to be clear, I am not talking in the title about the bumpy road behind us in the road to peace with Iran, I am talking about the bumpy road ahead as the peace process hopefully evolves from the Memorandum of Understanding (MOU) signed yesterday to a more permanent peace.
If you want to read about my thoughts earlier on in this peace process I wrote sections about this at the start of the following posts in March and April which weren’t that well received at the time, as I was suggesting the war was not going well for the US, but have aged well:
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