Ah, China GDP. It never ceases to amaze me how many traders and investors think that China is going to pull the world out of its malaise. China's GDP figure, if you can trust it in the first place, came in at a slower than expected 8.1%. Forex newbies were positioned for AUD to go to the moon. Commodities would soar too. Dennis Gartman for president. Then, silence and dismay. Futures tanked.
Bloomberg reassures us that this GDP miss means China may ease now. That's one way to look at it. Haha.
And then there's the failed Korean missile launch. For that, @amaeryllis said it best. She tweeted "can't get the image of kim jong-un weeping into a glass of hennessy singing along to elton john's rocket man out of my head."
I swear I woke up humming Rocket Man this morning. Just had to check @KimJongNumberUn to see what "he" had to say. "My rocket didn't launch. I swear this has never happened to me before." Hilarious.
What wasn't so hilarious was seeing the S&P do an overlap yesterday at around 3:30pm as I was hedging some puts by getting long against them. That's enough to automatically get me out of any longs immediately. Then the S&P went on to hit new highs. I was pretty miffed.
1378.24 got taken out yesterday. 1400 can happen (anything can). But I continue to smell a rat. Anything below 1374.71 would confirm it. 1340 would just be the first road sign down a long twisty.
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