Stock indexes recover from lows, and bonfires possibly banned in Seattle

The stock indexes tried to fall apart again today. In the S&P the lows were rejected, at least for the moment, by a late day short covering rally, or at least a rally that looked like it might have been short covering. Maybe it was bargain hunting. The high of the day was resisted by the May 23rd pivot low. The trend has turned down and momentum is down. The Nasdaq looks slightly better, with the May 23rd low holding support for now. Momentum is down, but the trend, at least how I define it, is still up, although holding by its fingernails. It looks like prices want to test lower, despite the bounce from lows today. I am sitting on the fence regarding positions, and only trading some options as trends develop on the intra-day charts. It is getting very difficult trying to trade from the dailies with these violent swings. Plus I’m getting ready to go on vacation. Big moves usually happen when I’m away. Some jawboning looks like it is causing the dollar to firm up. Oil was only able to give back a portion of the gains from Friday. Corn is closing in on the price of wheat, on the ethanol hoax.
It is very cold and windy in the Pacific Northwest. We could use some global warming here. In fact, it is supposed to snow in the mountain pass. Which would be normal, except IT IS JUNE!! I heard today that our wise city government is proposing banning bonfires on the beach. BANNING BONFIRES?!?!?!?! They claim it adds to global warming. How can any semi-intelligent human being actually think a few bon fires on the beach can cause any change in the global temperature? It is beyond absurd. Bonfires in my area would probably amount to a dozen or so fires on a couple of beaches on a few days in the summer, mostly by high school age kids or young families roasting marshmallows. Bonfires would have absolutely zero impact on global temperatures if every beach in the world would have hundreds burning 24 hours a day. What makes me mad about this is the socialist power grab by our increasingly left wing city and state government, in the name of a cause. It could as easily be global cooling, which seems more likely as most scientists think that the earth temperatures have cooled in the last ten years as much as they’ve climbing in the last hundred. I believe that figure is about one degree. Hardly enough to cause panic, with solutions being proposed that would end most of our freedoms and rights, and would cripple the economy. But that’s what the socialists power grabbers want. They know what is best for all of us. Now I hear you can only idle a car for three minutes in Minneapolis. That would never work in Seattle with our traffic jams. I fear what will happen after the election if the polls hold up.

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