This hasn’t exactly been the most riveting week in market history. For those who thought the eclipse was going to kick off something big, this was surely a disappointment.
Something to keep in mind is that in recent weeks, the drops have been sudden and without the courtesy of an announcement. My view is that enough charts have broken their uptrends to make the prospect of another “whoops!” more than likely:
Nasdaq 100 Futures
There’s relatively little going on in the world right now (no scandal, no nuclear missile threats, etc.) so all eyes are on the beautiful locale of Jackson Hole where the not-so-beautiful Mario Draghi and Janet Yellen are going to speak today. I, for one, will be glad when it’s behind us, since these things always make me jumpy. In any case, fingers crossed for another “whoop!” to the downside.
S&P 500 Futures
And, if it’s any comfort, none other than Gartman has declared, “We Know For Certain That We Wish Not To Be Short Of Equities.”