The Slope of Nope

As a chartist, I’m often struck by how similarly the stock market acts at important tops and bottoms.  By “important tops” I’m speaking of those which precede large corrections or even crashes.  So, with apologies to Tim Knight’s excellent Slope of Hope… In 2000, SPX retraced a Fibonacci 88.6% of its initial drop before falling … continue reading →

Economic Strength or a “Very False Economy?”

“The fundamental economy looks very good,” Larry Kudlow maintains. Apparently it’s doing so well that we need an immediate 50-bps rate cut. If there’s one thing the markets love, it’s more easy money.  If there’s anyone who loves easy money more than the markets, it’s politicians.  Candidate Donald Trump told us so in Sep 2016. … continue reading →