The tape across the board has been running like a hare and today’s session again did not offer us any reprieve from the relentless battering we’ve been through over the past few weeks. Up and down she goes although on the equities side it’s been more down than up and the fat lady hasn’t sung just yet.
Clearly I’m going to be limping behind here as things are unfolding quite rapidly. When I took that snapshot it was looking like equities may have found some ground but I simply didn’t trust it and posted in the comment section that it’s probably best to let things play out. That seems to have been good advice as the spoos are [...]
My E-Mini lottery ticket long was just taken to the woodshed and severely manhandled. That’s fine – my expectations of a floor forming in the midst of all this noise was very low to begin with. We now are in earshot of the 2080 mark which is our last and best chance for a bounce.
The 25-day SMA is at 2083 and change – it only has served as soft support in the past few months and cannot be relied upon for stalking any contrarian positions.
The Zero shows us no participation whatsoever down here (ZL on the right is plotting at -0.8 which is pitiful for such a sell off) suggesting that this again is nothing but an engineered stop run. Just [...]
The gloves have officially come off and it’s outright war all across forex as GBP and EUR shorts are systematically being squeezed into oblivion. Very few saw this one coming it seems except for the Mole and his crew of lowly steel rats. Having secured early seats on a fleet of buses it’s all smiles down here at the lair – a rather welcome reward after weeks of pain and patiently waiting our turn in the bullpen. But that’s yesterday’s trades – we’ve got more work to do this morning – so let’s roll up our sleeves and get to it:
The E-Mini – I took an experimental long here as we’re retesting the 2088 [...]
And once again the monthly FOMC ritual is behind us. I wish they would announce right at the market open as making everyone wait into the afternoon turns the day into nothing but a wasted session. As anticipated the Fed wimped out again and is keeping interest rates untouched. When are the great unwashed masses finally going to realize that we live in an economy subservient to the top 1%? Which means no real GDP growth ever again – because…. drum rolls… here it comes… we don’t make anything anymore in the entire Western hemisphere. You bloody well cannot sustain a country’s economy on service sectors, software companies, strip joints, massage [...]