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All going as planned so far.
As you can see from our chart, we're consolidating right in that zone between the 200-hour and 50-hour moving average and 3,350 is also the 50-day moving average, so it's a lot harsher resistance than you would think. We gapped into that zone last week so we didn't "earn" it and we probably have very little support below the 50-hour moving average so, if we can't get back over 3,350 this week – that short bet on the S&P Futures (/ES) we discussed making yesterday could make a vey nice pay-off.
It would be one thing if we were moving up on good news but there's really not any good news to report – it's kind of depressing actually, as noted by John Oliver this weekend:
Here's the front page of the Wall Street Journal this morning:
- Global Virus Deaths Surpass One Million
- U.S. Retail Bankruptcies Hit Record in First Half
- Gold’s Record High Gives New Life to Dollar Doomsayers
- Manhattan Offices Are Nearly Empty, Threatening New York City’s Recovery
- Ransomware Attack Hits Universal Health Services
- Brookfield Cuts Staff as It Tries to Steady Mall Portfolio
Not exactly rally fuel is it? 205,000 (20%) of those 1M Global Deaths are in the USA, which has 4% of the Global population so Trump is killing his citizens at a rate which is 5x greater than other World leaders – GREATNESS!!! President Ponzi will debate Sleepy Joe Biden this evening and that's going to be depressing. Much as we need to get rid of Trump, Biden is simply not an exciting alternative. He's "safe", not exciting. Jimmy Carter was safe – at least he won.
Of course if Trump only loses by 2%, like Ford did, do you think he's going to go quietly? He lost by 3M votes (5%) last election and he STILL became President. This is the most important election of our lives, of America's life and we're all trapped in our homes while the votes are being suppressed. My daughter is in college and someone she'd been in contact with got the virus so now she's quarantined for 2 weeks along with all the other people that person crossed paths with. Is this our new normal? Is this going to be a thriving economy?
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Texas (Trump Country) has withdrawn their shchool virus tracking data after two weeks citing "issues", one of those issues likely being that 3,735 students (1%) already tested positive in the first two weeks. Florida is also hiding their virus data and what Florida and Texas have in common is they are big states that don't have tight control over all of their media outlets so we know when they do sneaky stuff.
One month into the forced reopening of Florida's schools, dozens of classrooms – along with some entire schools – have been temporarily shuttered because of coronavirus outbreaks, and infections among school-age children have jumped 34% to 10,513 children as of two weeks ago – the last update. Gov. Ron DeSantis (R) has pushed aggressively for schools to offer in-person classes, even when Florida was the hot spot of the nation, and threatened to withhold funding if districts did not allow students into classrooms by Aug. 31. In the state guidelines for reopening schools, officials did not recommend that coronavirus cases be disclosed school by school.
I'm sorry, I wish I could be more positive but all I can, in good conscience do, is to warn you that things are NOT as GREAT as they seem and you need to be very, very careful with your investment money.
Please.
