That’s Enough Highs: Crude, Ether, Russell And S&P Futures Push Declines
Tim Knight | Nov 29, 2021 11:26PM ET
First of all, although I know some of you will protest, I have decided (once again) to eliminate myself from the Secundus , who is now in First Place!!
OK, let’s talk about the markets, and we’ll start with the S&P 500 Futures (the ES):
So if the trading gods are reading this post, I’d be awfully grateful if you’d just start the weakness again, please, sir. I am delighted at how Monday, worked out—after all, I had nothing but Put options in one portfolio, and in spite of a 70+ rise on the ES, I ended the day flat (!!!!!!!!!!!!!!!!!!!!). At this point, I am OUT of my bullish positions and am aggressively bearish again. And I do mean aggressively. I have no buying power left. None.
My biggest bullish positions was the small caps, by way of IWM December Calls, which I scurried out of minutes after the opening bell. A good thing, too, since the small caps were downright flimsy yesterday.
As for crude oil, I think this chart is simply terrific. I am actually way LESS positioned for energy than before, but I want to be very clear— I think energy stocks are totally doomed. As doomed as doomed can be. For realz.
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Oddly, I am finding great solace that the snapback rally is close to done for the 'gheyest' of reasons, which is the world of crypto. I am watching this resistance level on the ETH coin closely. I believe it is a psychologically-important market for the animal spirits.
For you gold and platinum users, I encourage you to take a fresh look at my Bear Pen and x-Merrill watch lists, as they contain an up-to-date collection of bearish ideas and live positions as well as, of course, my mark-ups on each chart.
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