NOT A Quiet Day
As you probably have heard by now all cash markets are going to be closed tomorrow, Wednesday December 5th, in observance of a national day of mourning for late President George H. W. Bush. So I don’t expect much in terms of participation today and since most of my campaign’s trails were touched yesterday I shall remain in cash, enjoy a well deserved day off, and then return in full force on Thursday.
Rejection at the double top neckline, very interesting and if Jerome ‘Kryptonite’ Powell decides to live up to his reputation tomorrow then the bears may yet have a sliver of a chance to drive equities further down.
Which incidentally would suit them very well as next week historically is considered the 2nd most bearish of the year. So if it is destined to happen then next week may be conducive to exploiting any sort of market confusion or misinterpretation by fickle equity traders.
So far it’s been a pretty terrible ‘Santa Rally’ to boot and based on what I’m seeing on the daily we may be looking at a very ugly January unless the bulls finally manage to get out of the gate. One can hope… but I’m catching myself writing this way too often in recent times.
My Dollar also got snagged, fortunately at break/even. Very interesting break/down pattern here and if you look at the daily panel it does look a bit worrisome as we just blew an extremely juicy short squeeze opportunity. There may be hell to pay if this doesn’t recover soon, and by that I mean at least a revisit of 95.27.
Crude is a possible setup if it drops to 53 today or tomorrow. My ISL would be < 51.50 but feel free to be more conservative as she’s a fast mover.
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UPDATE 1:37pm EST: I had an inkling I may be eating my words on that one later in the session.