Market looks weak today, particularly the financials. All kinds of doom to go around, but the most important thing to me is the bearish candle from today on the /ES. To me, this candle suggests a consolidation into tomorrow, perhaps even a revisit to the May lows before we can rally again. Let’s see what unfolds, but for now I’m positioning around that revisit to the May lows, I have 1 or 2 small positions on to speculate now but I’m going to hold off on executing a lot of orders until tomorrow morning.
/NQ 2500 and /ES 1295 are particularly interesting levels for me to jump in.
This image is particularly fitting for today.
Some figures from 1992-2007. Ridiculous!
The markets are dragging ass this morning and I have nothing constructive to add so I wrote this poem, some of you may remember it from your childhood.
It’s raining, it’s pouring
The old man is shorting
He went to bed, got some head
And woke up WAY richer in the morning.
Look at that, an up day in an up trending market, imagine that! Let see what happens when we get back to the 30 day SMA. Until then, lets let the scalpers have their fun until someone pushes the drama button.
Big sell off yesterday, woke up to the futures recovering significant losses yesterday. Remember old support becomes new resistance. Be careful trading, this is getting nasty. Nasty like Sarah Jessica Parker.
Have a look:
See that nasty horse like resemblance? It’s ugly, it’s nasty, and it will buck you if you are not careful. Ugh. What a face!
Too funny. Too True.
Start with a cage containing five monkeys. Inside the cage, hang a banana on a string and place a set of stairs under it. Before long, a monkey will go to the stairs and start to climb towards the banana. As soon as he touches the stairs, spray all of the other monkeys with cold water. After a while, another monkey makes an attempt with the same result; all the other monkeys are sprayed with cold water.
Pretty soon, when another monkey tries to climb the stairs, the other monkeys will try to prevent it. Now, put away the cold water. Remove one monkey from the cage and replace it with a new one. The new monkey sees the banana and wants to climb the stairs. To his surprise and horror, all of the other monkeys attack him. After another attempt and attack, he knows that if he tries to climb the stairs, he will be assaulted.
Next, remove another of the original five monkeys and replace it with a new one. The newcomer goes to the stairs and is attacked. The previous newcomer takes part in the punishment with enthusiasm! Likewise, replace a third original monkey with a new one, then a fourth, then the fifth. Every time the newest monkey takes to the stairs, he is attacked. Most of the monkeys that are beating him have no idea why they are not permitted to climb the stairs or why they are participating in the beating of the newest monkey.
After replacing all of the original monkeys, none of the remaining monkeys have ever been sprayed with cold water. Nevertheless, no monkey every again approaches the stairs to try for the banana. Why not? Because as far as they know that’s the way it’s always been done around here. And that, my friends, is how a company policy begins.