(ever notice how you never see Bernie Sanders and Colonel Sanders in the same place?
If Bernie starts promising FREE CHICKEN, we have our proof :)
THE PANIC IS BEHIND US
This is a market that (to me) lacks direction and has a good balance between bulls and bears, with a lot of cash waiting to pick a direction.
The previous night and tonight's NIGHT SESSION was schizophrenic. Above (YESTERDAY section) I spoke of the violent swings from the previous night.
We opened down -78. We then ran higher to +69. We then sold off to close +11. NUTS, and this was only a 1200 Dow range day.
The Minis opened down and fell to -45. They ran back to +2, and fell again. At the time of this writing, they are up 47.
If there were still a lot of nervous people wanting to sell, we would not be moving up and down this many times in a row. Those who wanted to sell seem to have done so. Time for me to get long. VERY LONG. VERY, VERY LONG – but hedged.
We were down 37% during the Spanish Flu. This is NOT the Spanish Flu. Also, we have the Fed spending TRILLIONS, money coming in from all over the world to the US, 0% interest rates, etc.
I say give the whole country a 3-week break to rest from the work-a-holic lifestyles we lead compared to say, FRANCE, GREECE, etc. We will all come out better. Only problem is Hawaii just closed its shores, so I will keep working. Come back next month with the Dow opening at 25000.