Yesterday I posted two pieces on the Fed Put, from Luongo and CHS.
Luongo’s thinking has been a regular here for year now, driven in part by his correspondence with DDB who used to work for Fisher in Dallas.
Others believe J-PO will continue chipping away until something breaks.
Well, PMs have been breaking. But I don’t think they will be too concerned about that.
Nightingale and I were warning that the Q4 rally was a BMR since Dec, and the top arrived in late Jan.
It has accelerated since then.
A month ago I also noted that once again, I had VLT sell signals for GDX, similar to Sept 2020 and April 2022.
These are not everyday events.
GDX got a bounce last week. Almost all of it was reversed this week, as of now.
ABC countertrend? If we get a C up, IMO that would finish a wave 2. What follows 2?
Yeah, that could be the Big One. Tide is going out.
Be “mindful” if that word can still be used in good company.

PS … re SPX there is also a “Not to B” count making the rounds, where very little more upside remains for general equities and a Big One could be much closer now there too. google Daneric’s latest for more on that idea.