All Our Yesterdays

We've got a modestly red pre-open on our hands. Let's compare present price levels with what was going on during the Sunday/Monday bull-fest.

Even with the /ES down over 30 points, all we've done is rewind to where we were around midnight on Sunday, halfway up its ascent. It helps, but it isn't even close to a full reversal.

The /RTY has lost a larger portion of its gain (up to and including the aggravating piercing of the Fibonacci, which spooked me out of my September $215 IWM puts) .

Interestingly, even with Trump's loud bluster about what a terrible mistake Iran has made by not listening to him, and how everyone should get out of Tehran, crude oil is virtually shrugging off the whole thing, as we are far, far below where crude was trading on Sunday.

In certain pockets of the market, the frantic buying continues apace, such as with AMD.

Looking at the daily chart, however, I'd say that such fervor might be presenting some setups that might have seemed out of the question a couple of weeks ago. The bulls might be setting themselves up for an epic rug-pull.

Positioning across my three portfolios is at commitment levels of 218%, 118%, and 100%, and I'm going to sit tight with my fourteen short positions. I usually like to give the market a chance to digest the FOMC (tomorrow) before I get more aggressive, which I'd typically do on Thursday, but with everyone excitedly giggling and chattering about their big Juneteenth plans, what with the festivities and planning and revelry and whatnot around this most important holiday of the year, I'm going to be forced to wait until Friday (assuming the joyousness and excitement doesn't spill into the weekend!)