Another Close Call

Well, the ES managed to make me jumpy again last night, with a brief bout of green, but mercifully it has once again been repelled from its trend-line. Come ON, people, let’s get some serious downside action. I’m weary of waiting! How about a string of disastrous earnings this month? How’s that sound?

Crude oil helped, too, by reversing away from its recent inexplicable strength.

But, more important than anything, Kuroda was of greatest aid. The fumbling, bumbling bureaucrat from the other side of the Pacific has begun the road to seppuku, and I simply cannot wait to watch Yellen and Draghi begin to flame out in the exact same manner. There is nothing – absolutely nothing – that would be a more delicious site than watching the central bankers of the world absolutely fail and be chased off the stage into the quagmire of irrefutable humiliation. This chart has behaved in 100% the fashion I predicted months ago, with the only sad news being it is getting close to its downside target.