For a long time now, I've had my intermediate charts marked with the projection for a large C-wave decline, and I've been wondering from whence the catalyst for such a decline might come. Tonight, it appears Donald "The Donald Trump" Trump has been declared the next President of the United States of 'merica, and that may be as good a catalyst as any.
As Trump's victory grew more apparent, futures began tanking, largely because Trump has threatened to rename Wall Street as "TRUMP Wall Street," which made traders nervous. Wall Street had also priced in a Clinton victory -- which was apparently worth at least 100 ES points, probably because Hillary had promised "a pantsuit in every closet," which led to a growing bubble in the overweighted pantsuit manufacturing industry, which now accounts for nearly 38% of the total market cap of the S&P 500.
Compounding Wall Street's fear is the fact that Trump has repeatedly vowed to abolish attractive hairstyles, which means that many hedge funds managers will either lose their jobs, or be forced to show up at work wearing "no less than three" dead ferrets on their heads.
(WARNING: Rant Alert!) First of all, let me preface this next comment by stating for the record that I, personally, did NOT vote in this election. The candidate I liked (and also happen to know personally) had zero chance of winning, and while I applaud those people who feel it's their Red (or Blue) Blooded Patriotic American Duty to vote, I am not one of those people.
Now, that said, and my functional neutrality has been declared...
I, for one, am looking forward to the elite news media helping to "unify the country" and
"put all the bickering behind us" by doing things such as declaring Trump's victory to be the equivalent of half of America voting in favor of live televised executions of minority group members, and how the only people who voted for Trump are illiterate gun-toting morons who live in bomb-shelters and drink applesauce through straws. Hmm... why do I feel like I've seen this movie before? One commentator I heard tonight even went so far as to suggest that Trump was carried to victory on the backs of racial bigots, as a backlash against Obama being black. That's the stupidest thing I've ever heard. How can one even present that reasoning after Obama already won (and served) a SECOND term?
Again, I assure you I had no horse in this race. I mention all this because I've now heard variations on this basic theme twice already tonight, from two different networks -- and it bothers me on a fundamental level. No matter who you supported, it should bother you, too. For crying out loud, somebody needs to say SOMETHING about it. Personally, I don't understand how the elite media can preach tolerance on one hand, while at the same time belittling and disparaging anyone who's "different from them" on the other hand. You can't have it both ways. You can't demand tolerance for "people who agree with you," while behaving as if you're terrified of everyone who doesn't -- in fact, fear is the very emotion that lies at the heart of virtually all intolerance. The whole point of being tolerant is to learn to respect people who are different from you, whether you understand them or not. Not to act fearful of them, not to try and frame them as "damaged," and not to try and ascribe nefarious motivations to them -- simply because you don't understand their motivations in the first place. Just accept that you don't understand and leave it at that. It doesn't make them "inferior." Who knows, maybe it makes you inferior for not being able to grasp it all.
Anyway, now that I've assured that I'm going to get angry letters from someone out there, let's get to the charts!
There's no real change to anything -- SPX briefly cleared the level I'd noted as important resistance (2140), then fell back below it, and closed right on it, at 2139.
INDU:
In conclusion, the simple version of everything is that bulls need the all-time-highs to cast doubt on the intermediate counts, while bears need the recent lows. Trade safe.
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