Madness

I suppose the most stunning news over the weekend was that Disney World has reopened in Florida – where daily new cases just topped the worst that New York ever saw, deaths are also on the rise, and which has the highest percentage (17%) of those over 65. Of the 269,811 confirmed cases, 4,242 (1.6%) have resulted in death.

One has to wonder about the sanity – not of the politicians and financiers who, to no one’s surprise, prioritize money over public safety – but of the parents who are flouting Darwinism to lead their children through those gates into a giant petri dish that has the potential to end lives. Would they be so cavalier if the rides carried a 1.6% fatality risk?

The algos ignored any COVID-19 related news, of course, and spiked even higher on the mention of the word “vaccine” on CNBC, much as they did last year every time “news” of a China trade deal was leaked.

Madness.

In the meantime, ES has reached the .886 Fibonacci retracement of the drop from the June 9 highs – a potential turning point unless the .886 of the drop from Feb 19 is the ultimate goal.

For an explanation, look no further than VIX which has again tested the yellow trend line from the January lows.continued for members…