Squirrel markets can drive you nuts. It certainly drove us nuts to write this commentary. And it’s probably driving our readers nuts. It was not till we went to the hourly chart that it became clear to us. As you can see we are in a clear downwave, now 12 days long and about 3 and a half percent.
Given the climate, the broken trendlines and the luck of the Irish we would not blame any reader who felt like hedging and enjoying the turkey, rather than worrying about squirrels.
QID hedges (shorts) the Qs. DOG chases squirrels shorting Dow. SPXU hedges (shorts) S&P. Some of these are leveraged. Do your homework.
Do we still think the best thing to do is observe the long term Basing Point stops and not worry about squirrels? Did the wee little pig go whee-whee-whee all the way home?