The latest bloodthirsty attack by the religion of peace caused the ES to collapse by a tiny fraction of a percent for a couple of hours last night, but bulls seem to have a penchant for terror attacks, so all is well again. In spite of dead children and hundreds of injured innocents, the bulls are bidding up assets to prices never-before-seen.
As a chartist, I find the symmetry of these triangles rather interesting, although obviously I’d prefer we not break to the upside.
Our President, who pledged during the campaign that he was going to “knock the hell out of ISIS” (who themselves have gleefully claimed responsibility for the deed) has retaliated for this attack by calling the group “evil losers.” Perhaps future attacks will yield tongue barbs such as “complete ‘tards” and “totally, totally stupid”. As of this writing, there is no report as to what concessions, if any, ISIS is willing to make in the face of the aforementioned verbal volley.
As for myself, I remain steadfastly positioned in 70 – – count ’em, 70 – – shorts, a couple of which (AutoZone (NYSE:AZO) and O'Reilly Automotive (NASDAQ:ORLY)) are looking to have a glorious drop at the open. And, as always, I remain fixated on crude oil, waiting for it to “zag” down from all this “zigging” up.
