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Meaningless Meandering

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Everyone enjoying this thrilling market as much as I am? Yeah, I thought so.

My main focus is the small caps, by way of the /RTY futures. As you can see here, it is absolutely devoid of direction, jerked hither and thither by nothing more than the mewing of politicians on either side about how much they’re going to stimulate the voters. It’s pathetic.

The ES is just as bedraggled. Support is holding, and everyone is holding out for Their Next Check ($1200 for individuals $Billions for companies).

Volatility started to show some signs of life, but in the time between when I took this snapshot and I’m typing these words, it’s been beaten down (again) from over 30 to the mid-20s. A normal market simply isn’t permitted.

Gold had a small victory inasmuch as it pushed above its descending trendline, but it isn’t at all a big one. Its next challenge will be to shove past that horizontal I’ve drawn, which will eliminate the price gap. I’ve said it endlessly, but I’ll say it again: I believe, long term, gold has a fantastic future.

As for myself, I’m keeping it light and simple. I have 40 small short positions (all stocks, no ETFs) with a commitment of a little more than 100%. In spite of all the political hubbub, it has been a remarkably quiet day for me. I have little interest in getting bold/aggressive until the election is past us (and when I say “past us”, that certainly doesn’t necessarily mean the morning of November 4th.

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