Down tiny after yesterday's huge up day.
Social Mood:
Much is being made of the recent sale of a Gauguin painting for 74% less than it was bought for.
Doubtful it's the "Art Bubble Bursting." Yet.
Rather, it's a one-off due to a lawsuit by the Gauguin's former owner against an art dealer in Monaco, claiming fraudulent misrepresentation of acquisition costs, and being overcharged by as much as $1 billion.
It does appear, however, that the art market is getting primed for a crack-up boom, though most likely not until after the equity markets crest.
Meanwhile, peak positive mood continues to coalesce.
And the fallacy of financial news causality continues as well.
FX:
All that red in commodities? The dollar is doing it. Love it. Although I still feel anything between 95.905-99.195 is fair game if needed.
AUD & NZD hammered, as if China has suddenly gone poof.
Treasuries:
Not sure if the proposed ABC is over, but prices look like they've got the lows in mind at some point. I would be a buyer of new lows for a trade, however.
Energy:
WTI crude fading and NG still in medium bounce mode.
Metals:
The Big Four down across the board.
S&P Outlook:
Yesterday was strong. Even up volume exploded. So did price -- right through the 2377.63 stop for the throwover which turned it into kind of a throw up.
Still, it was gratifying to have such a clear stop, and one that was stopped before wagering a dime.
I don't buy breakouts, but it was still good to see it run even with the small SPY put/long SSO position that remained. Dumped the puts, trimmed to SSO to pay for the loss, and sitting on the tag ends.
No volume support until the 2362-2364 area. Price closed just below a 2397.07 Fib extension. If back above 2400 before the weekend I may just go home flat.
If not, may add to the position if a choppy pullback should occur and a clear stop can be gamed.
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