This market is in the same spot it was 12 days ago, and only slightly higher than our April 7 top. If you played it long on the Thursday night update (or followed in the channel) we successfully traded SPX for 74 points (while closing out half of it for 44 earlier on in the morning). The current play is still to the upside, but I was not willing to take the risk of holding it long over the weekend. We will see what retraces we get at the open and calculate more precise targets as it approaches a new high. For now, the range seems to be 2920 – 2970.
Gold appears to be headed for a new high, the dollar retracing, and AUD/JPY retracing as the indices head up. AUD/JPY short and Long USD positions are still my preferred holdings for now, with the same strategy – Add in on pullbacks / retraces to the tops, thin out at lows, unless of course we get a confirmed top in the indices, then simply hold. I’ll refine currency targets later in the week but most have not changed.
Some related entertainment:
Realizing I’m likely to get muted/banned from Social Media at some point, I’ve decided to revive my personal blog which has seen only one or two updates in the last six years. The latest post covers what we already knew (CV as a cover-up for an economic implosion which would have occurred no matter what). I’m quite sure you know not to guzzle down a bottle of Clorox (and did not hear Trump instruct us to do so), but I did a post on that as well so I can link it from Social Media instead of having to comment all over the place. One of these days I’ll compile a list of “evidence society goes insane at market tops” for a blog post. Vagina Scented Candles will be on it (along with everything else we know about cycles and events related to the market).
Enjoy the articles and if you find them informative, feel free to share them on social media using the buttons on each post. I try to remain as politically centered as possible but this might not be for everyone.