The S&P got up and over the 1983.94 swing point, made a new all-time high, then closed below the swing point on lighter volume, suggesting a lack of buyers.
Ha, what else is new. The important thing is to honor a stop at 1955.59. If the market's near-term destiny is 2,000+ there should be no reason for such a deep retrace.
However, a retrace to the 1970 area would not surprise me, and would cause me to be a buyer.
EURUSD remains below 1.35, yet there doesn't seem to be any concern over it. In fact, it seems Europe would love a weaker euro and has been green since 1.35 broke. It could be a moot level.
Bill Ackman gave another blowout presentation against Herbalife only to see it blow up in his face -- over 20% higher.
Interestingly, Ackman is a Taurus which in astrological terms is a fixed sign. Let him serve as a warning to those who would be too fixed in their will.
Ackman even alluded to it in a recent interview by NYT's Dealbook:
“I’m an extremely, extremely persistent person. Extremely,” he said. “And when I believe I am right, and it is important, I will go to the end of the earth.”
It's that third extremely that says it all.
Ackman needs to get over the fact that Herbalife is a multi-level marketing company. I dislike such companies, too. But there is nothing illegal about the business model, and it is an effective one as well.
Sadly, Ackman reminds me of Captain Ahab in Moby Dick. I would not be surprised to see him go down with the ship.
Speaking of the stars, though, the New Moon is this Saturday at 5:42 pm EDT. I'll be in Vermont getting my hippie on.
Actually I started yesterday, "cleaning" some of my tools in the bright sunlight. Saturday I'll dunk them in Vermont's White River on my way North. Gotta keep your tools clean, man.
We are entering what I call Little Summer, a brief window roughly from today (the switch over from Cancer to Leo) until around August 10th. It's a mystical period for me when time sort of slows down and becomes dreamlike. I often wonder, this being the halfway point of the year, if it's a mirror of the Winter Solstice when time also seems to slow. Anyway, I try to go on a walkabout each summer at this time, and this year it's Vermont. Maybe I'll write about it a little.