I know I tell you all the time: No one stands up and waves a flag when a big market move may be beginning..
So, kindly overlook my standing on the bench in the shop with two red microfiber cloths, a railroad flare, fog horn, and farting for all I’m worth.
But could it be that about here the third wave of the larger Wave 3 down begins?
Good thing we don’t offer financial advice, huh? :-) Better to be an easily-marginalized kook in the Outback.
I think I can here them shoveling in the money from here. Let’s see where the Dow is by the close today, though, shall we?
9:50 AM (CDT) Further note: Looks to me like Gold is starting to break down as well. Down more than $31-bucks.
Axiom: Sometimes when Gold takes a dump, someone BIG is in trouble.
Try to remember how things ripple here: Gold going down means the purchasing power of the US dollar is going UP. And since it doesn’t take as much (funny money) of higher value to purchase an asset of the same value, it LOOKS like the market is going down. All of which can spin any old time, so I stare at the screen all day which makes me old and cranky. Still, weakness around the edges, but a run up (or holding action) until the European close wouldn’t surprise either.
The next real data point could be the weekly unemployment filings in the morning. So we continue to sit and twiddle, wondering what will befall us next?
1:55 PM Central Further-Further: Well, they almost made it hold through Europe. But, even now with the Dow down more than 400 points, I’m looking around for the spats and the Niagara spray starch for the Mc Duck suit.
Meantime, rather appalled at the latest Atlantic article whipping up “What happens if Trump doesn’t go?” hysteria. ‘Especially when one of the quotes comes from a democrat contributor. Yep…Trump hates on a roll, the fear all around is growing palpable. And we’re short as it rolls on. Remember last week was it, someone said 3,000 on the S&P by election day? May not be that long…
Meantime, can they run it back up into the close? Get rid of some of the small-fry riff-raff? One more hour till that pony runs in the 9th…
10-Minutes to the Close: New unemployment claims due in the morning. Well, are you feeling lucky, Punk? Do you hold ’em or do you “kah-ching the thing”?
Times like this I am reminded of the old Book of Ure Sayings: “Give a man a fish and you’ll feed him for a day. Teach a man to fish, and pretty soon he’ll have cleaned out all the best fishing spots. Even worse, such scalawags don’t even buy fishing licenses to pay for stocking. You see, people who act fishy when no one’s looking…well, crooks at heart.. Go ahead give ’em a fish now and then but keep back the family secrets.
Write when we can open our eyes…