I hope you’re enjoying your long weekend. Once we get this thing out of the way, we get allllllllllll the way until Thanksgiving without any stupid forced holidays! Huzzah!
OK, so let me say a few words about the key indexes. First off, my biggest short is the Dow 30 “diamond“, which has broken its wedge.
Emerging markets raged higher on Friday, driven, I suppose, by South Korea which itself was driven higher by renewed semiconductor fever.
Speaking South Korea, it seems it’s in a whole new uptrend right now. Whatever potential was presented by the rounded top has been wrecked.
Speaking of wrecked, I reached the end of my patience with China’s FXI. It’s still got plenty of downside potential, but I finally accepted that the options on it absolutely suck (huge bid/ask, no volume), so I ripped of the band-aid.
My decision to take precious profits on Thursday was the right one, as gold slumped somewhat after the Friday jobs data.
The next important resistance for small caps is marked with that dashed red horizontal.
The Nasdaq is range-bound (still!).
Semiconductors have gone from thrilling to boring.
As for the S&P 500, I’ll just remark that for all of its bearish reputation, September sure isn’t doing dick so far. The month is still young, but sheesh, it wouldn’t take much for any little wisp of hope that the bears have to be snuffed out until the mid-terms.
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