Allow me to point out an interesting reversal pattern on the Russell 2000 futures (/RTY). That stupid end-of-day run-up was actually the picture-perfect bounce toward the resistance line.
Here is a closer look; there’s room for it to push a little higher, if it has some kind of point it wants to make.
Here’s the thing, though. The market was already insanely overvalued on November 1st. For it to run TWENTY PERCENT HIGHER IN A WEEK is vomit-inducing on a scale that my words cannot characterize. Stupid, stupid, stupid. So I’m glad to see a tiny, tiny dose of sanity creep back in.
I have 40 short positions at about a 140% commitment level.
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