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My paranoia yesterday was appropriate! Powell is going to be sure to buy any weakness, and as the chart of the Dow Industrials shows below, today is pretty much an upside-down version of yesterday. No problem, Jay. I took good profits yesterday and am reloading for a head-shot today.
Days like today (Monday) are bittersweet. It’s great fun watching one’s account value roar higher, but at the same time, you know it’s going to be all over way too soon, and things will get dull and listless again. It takes a lot of patience to finally wallow around in a day like this. Now we have to deal with the stupid bounceback.
Let’s look at ETFs to get the lay of the land. The Dow 30 is still rangebound.
I said over the weekend that, “It’s been a long time since I’ve felt so energized about the stock market. Bit by bit, things are truly beginning to break down.” The 900 point drop on the Dow I am staring at right now helps explain why.
This morning has provided us an exceptional new ally in the form of a major price gap. I’m not even afraid of Powell anymore. I’ve got fantastic positions, and I think he’s going to have knives thrust into his eye sockets in the months ahead. Here, for example, is the Dow Jones Composite. Go ahead, Powell, Rally up up to the magenta line again. Once that green line gives way you are beyond screwed.
Awww, c’mon, gold, you can do better! You’ve probably guessed I’m a long-term gold bull by now. But, jeez, that price gap is a killer. Just look at what happened this morning. We came within pennies of that gap and weakened. ARGH. Well, at least we got above the trendline. I have not lost faith, people; the very long-term patterns are SCREAMING for gold to be a sensation. I’m holding long, and for the long-term.
Incidentally, there is a VERY COOL POST for all paying members (Bronze, Silver, Gold, Platinum) here.
Although gold seems to have made it its specialty to stumble and fall persistently during the past eleven months. I haven’t lost faith that the little fellow will eventually wake up to the fact that the trillions of dollars of toilet paper flying around are not as nice to own as the ancient precious metal.
From a chart perspective, it honestly just needs to do one thing: get above that price gap.
