Caelum Est Finis

The ES through the night is basically the entirety of 2019 in miniature. No worries. No fears. Just up, up, up, steady, steady, steady.

The larger, and more important, context is that equities seem ready, willing, and able to smash right through their 2816 “resistance” (kindly note the quotes). The triple-top from last quarter has been widely discussed and telegraphed. The fact that so many people are obsessed with this level paradoxically speaks to its meaninglessness. As much as I’d like it to be violently repelled by this level, my spidey sense is that bulls are just strapping on their turbo-boosters at this point.

Just about the only asset showing weakness this morning is crude oil (which lines up nicely with the Leveraged Oil post I did over the weekend). Sadly, though, the market movement wasn’t due to any fundamental news. It was – as usual – from an off-the-cuff tweet the President sent out, who simply noted that, gosh, oil prices seem kinda high. That’s all it took.

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