CAT Out Of The Bag

My distrust of this market has the meter pegged at about “100”, so as pleasing as it is to see the ES and NQ down double-digits, I view the entire affair with enormous suspicion. In any case, the market eroded drip by drip all night long, affirmed by a hard fall in major industrial player Caterpillar:

One small victory for the bears so far – – and, hey, I’m grateful! – – is breaching the modest support line I drew below (tinted in yellow). The much more formidable task is to break the now-legendary 2626 level, shown in green.

This week is going to be crazy action-packed, as I mentioned in this post. The CAT earnings is just the first of about fifty different meaningful events over the course of the next five days. I’ve got a very busy week here on Slope myself, and you can expect to see a lot of interesting tidbits along the way.

Risk-wise, I’m still kind of medium-light: 43 different short positions, about 130% committed, and about 40 others waiting in the wings.

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