Welcome to the last day of Obama’s presidency. For the bears, Obama has represented nothing but an unbroken string of misery. I will have horrible memories of his administration from a trading perspective until my dying day.
That said, the ES stalled on its Trump bump weeks ago. After the 'it’s-going-to-be-Trump' limit-down collapse in the ES, equities went on a vertical tear. It looked like another breakout was underway (green tint), but that flopped and we’ve been slightly under the broken trendline ever since.
It’ll be interesting to see, once the man is actually sworn in, if any sort of reality starts to slip into the brains of traders (e.g. the 'what-have-we-done? moment), but perhaps a bigger driver of stocks will be earnings, which will fully kick in next week.
I’m presently in 48 short positions, three of which are ETFs (EEM, EWW and XLV). I tend to have a concentration in energy shorts. Also, in a separate, personal account, I have my rather substantial long position in DUST, which given gold’s double-digit price drop this morning, is certainly looking better than it did a couple of days ago.