Recent Market Action: Animal Spirits Burning Up On Reentry

The current market action, both in near-term price action and across the social networks streams is all about things going down in flames. Plenty of hyperbole to go around for both bulls and bears. Amazing that we had a decline this late summer too and then all of sudden everyone forgot all about it and we had a good chuckle come the turning of the leaves. It really does pay to take a look at things from a more distant vantage. I use weekly price bars and so what this has been a turn in the making for the US Dollar. This whole narrative can be reduced to price.

I have read some wonderful narratives, to both inspiring and chilling effect, for why “this is a buy” or “that’s a piece of garbage”. I respect all viewpoints but I can’t only buy and sell at what the market offers and focus on risk management.

The image of those little lights you see is in today’s “teaser pic” is space object WT1190F, likely a booster rocket stage coming back down to earth and burning up, just like Ackman, Einhorn and Dinocorn valuations have in recent sessions.

I have one FANG play, $AMZN, and Exchange stock $ICE both have shot up like rockets and while quiescent from a sedate weekly price bar point of view, appear from the hourly and daily point of view poised for an ugly reentry. We shall see. Bets are small enough to not injure but big enough to have added points. I await orbital insertion or an stop loss splashdown by year’s end.