Yesterday’s session in SPX was historic: We saw the largest red day since March 2020.
Today was the opposite and price did what it often does after a big trend day, it put in a consolidation day where price played ping pong between two levels most of the day. Like all consolidations, this will result in a big trend leg (either way).
Oh, by the way, we may have a rail strike.
A rail strike would be devastating. Perhaps we see an agreement at the ninth hour. That said, we need to game out all scenarios. The most frightening thing I heard today was 2-3 day strike could lead to a 45-60 day disruption in grain markets (and other things).
CHK triggered today from last night. I also added two new names intraday today…AEHR & ARLP.
I’m buckled in for energy for the next few months. I think some weird shit is happening.
EU is going to raid the profits of energy companies for $140 billion and remove all incentives for them to produce more energy. The EU really has the most economically illiterate leadership imaginable (next to us). Thing EWP.
I don’t trust much, but nibbling at good charts.
See you in the morning.
Play small.