Make up yer mind!
I’m cynical enough to know that last night, when the ES was down 25, that nothing was assured this morning. When I woke up, the /RTY was in the green and the losses otherwise were diminished. It is all about the saucer. Everything. This line is incredibly important. Look at the NQ and how it banged right to a halt at that red horizontal. Break it, and it’s show-time. They’re going to throw everything they’ve got and keeping this thing propped up until the end of time.
The ES is the same situation, although it’s fraying at the ends a bit.
My main focus continues to be the small caps (I’ve got 45 short positions, most of them in this category). The magic moment would be a resolution plowing beneath that supporting horizontal. Otherwise, we’re just range-bound, and few things are as dull.
Gold had a good pop yesterday, but bang, that’s gone. Its own horizontal isn’t as clean, but this remains bifurcated: short-term, very vulnerable to weakness, long-time, looking great.
And who’s in the house? Big House! Can you believe Bitcoin? This has become the Big Man On Campus lately. The gold crowd must be hopping mad. It would make more sense if they were moving in lockstep (that is, gold and bitcoin). Instead, cryptos have made the most obscene gestures to physical precious metals.
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