We were running Opium between seven Asian Ports and business was GOOD!
Hong Kong was our home base, Shanghai, Nagasaki, Saigon, Manila, Singapore, and Batavia (Batavia is the old Dutch name for present-day Jakarta).
But more on that later…
When in doubt LOOK don’t READ.
Figure 1 – S&P500 weekly chart in down channel
The weekly S&P500 chart is indicating the market is making lower highs and lower lows. Whether we believe it or not, the market trend has changed decisively from up to down until further notice.
Certainly the courage of our convictions will be challenged by a spectacular short covering rally, but don’t’ be deceived, we are in correction mode at best or a dreaded bear...
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