Orange Peel

The tweets giveth and the tweets taketh away. Once again, we are in a situation where a single rumor (delays on car tariffs for EU for 6 months) rocketed the ES almost 50 points from its low.

Anyway, I’m doing OK (since I know you were worried). I’ve got 62 shorts, 54 profitable, 8 tiny losses. I continue to be quite interested in gold’s weakness. We’ve been making a steady, albeit modest, series of lower highs and lower lows in gold lately.

Miners, in turn, look ready to continue their slow, plodding slide. I’m not doing anything about this, except inasmuch as I’m already short a pretty big position in PAAS, as mentioned yesterday.

On a totally different note, if we do, God forbid, continue to lurch higher based on all these idiotic tweets, keep an eye on EEM (emerging markets) to push back toward this tinted zone. Putting it another way, the bulls definitely have more room to run if the tweets continue to spew.

Disclosure: None. 

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