OK, look. I can play the hero now and then. Or at least be a stalwart example in the face of adversity. But this is starting to get annoying.
Monday was a bad day. I stood fast in the face of it. Every morsel of cash lost on Monday can tumbling back on Tuesday. Huzzah.
Wednesday started off nice and red. Nothing dramatic, but red nonetheless. And yet the market rallied, going into turbocharge mode when they interpreted the (meaningless) Fed minutes to state that the Fed will inch up rates a mere 1.5% more and then be done with it. So stock traders gobbled up the ostensibly good news.
For the bears, this is a dangerous moment. As I’ve said, pushing the /ES back to 4100 wouldn’t be hard. Creating a 9% rally on the /NQ wouldn’t be hard. And enduring such a rally would suck out loud for the bears out there, tiny as their number might be.
Below we see the repeated efforts the bulls have made to make the most of the inverted H&S pattern. I have to brace myself every morning as I amble downstairs and flick on my monitoring, holding my breath to see what the chart is doing (not that it necessarily matters; this morning, with an all-red-screen, I thought it would be a rocking day, as opposed to a sucking-a-Tijuana-donkey day).
You can see the /NQ trying to get strength as well, but it’s fading. I certainly hope it fails, because honestly, waiting out this stupid counter-trend rallies is SUCH a waste of time. The bulls will ultimately fail. This is a bear market, after all. But they waste my time, and theirs, by think it’s the year 2009 and they’re getting stocks on the cheap.
My disposition is – – if you’re gonna bid ’em up, I’m just gonna short ’em again. Intuit (INTU) is a case in point. This is a delicious short. Get me back to that horizontal, and it’s Puts time again.
In other words; Come to Butthead.
