Monday, June 22, 2015

Value Village score on Saturday

Market-permabears need to remember that we could still run all the way up to the top trendline of the ending-diagonal off the October 2014 lows, i.e. a blow-off target well above 2140 on the S&P.  Extreme caution is advised, as early means dead for aggressive positions.

Reader Bicycle thinks we're on the verge of a violent reversal.  I think the market may still be on ice for a few more weeks, working out a "5th of a 5th" grind, while long-term indicators (monthlies) setup for the final top.  There's the Greek payment to the ECB in mid-July.  3.5B Euro is pocket-lint in American QE terms, so there must be a real reason that we are quibbling over these debt matters for the subprime nations of Europe.  A cynic would say the whole effort is a sick pageant to draw in and eat any bears stupid to play it short here, anywhere.

market on ice until it's not

I did manage to win big at the Value Village lottery this past Saturday.  Some good soul donated a slew of Grosset & Dunlap biographies for young readers from the early 1950s.  I snagged them all, at the cost of $1.25 each.  All in fine shape with good DJs -- I'll get Brodarts on these ASAP.


christiangustafson said...

Oh that's right, kids don't need books these days because they have Google. Enjoy the internet while it lasts, friends. I'm going analog.

Anonymous said...

When does UVXY become a screaming deal?

christiangustafson said...

I guess that depends if you think the VIX can make it down into the 10s from here.

UVXY is already fast approaching a pre-split $5 handle.

Anonymous said...

"Enjoy the internet while it lasts, friends. I'm going analog." Revolt Against the Modern World?

christiangustafson said...

Yes, most definitely.

Ancients vs. the Moderns, now more than ever.

Especially here in Deflation Land.

Anonymous said...

So, you're familiar with Evola? I really need to read more of his books.

christiangustafson said...

He sounds like an interesting character; I'll be sure to look into him.

My own reactionary thinking comes from Nietzsche and Ortega y Gasset and Spengler and, of course, Leo Strauss. I was a student of Allan Bloom at Chicago many years ago. I work in tech and am very skeptical of it and of modernity.

I have enough of the Austrians about the house here to understand and admire them for political economy, but appreciate Frank Knight, too.

Anonymous said...

I'm ashamed to say, I still haven't read Decline of the West. After reading Sun and Steel by Yukio Mishima last year, I decided I was thinking/reading too much, and working out too little.