The Devil’s Playground

Catch this news flash yesterday?  Trump, ironically at a White House meeting with the National Council for the American Worker: You’re gonna see on China, today, right after close of business…we’ll be announcing something, uh, and it will be a lot of money coming into the coffers of the United States of America, a lot … continue reading →

It’s a Wonderful Market

SPX and ES had no trouble reaching our initial downside targets — a backtest of their January highs.  We wondered, however, whether the SMA20s, loitering just below, might come into play. Sure enough, ES tagged its SMA20 with ease.  But, emini traders strongly resisted a drop through the SMA20 – bad mojo, don’t you know. … continue reading →

How Not to Manipulate Stock Prices

Sometimes you just can’t catch a break.  TSLA shares rose from 22 in 2012 to 387 in 2017 — helping drive Musk’s net worth to well over $20 billion.  But, the shares have since formed a triple top, failing to top 390 and coming perilously close to breaking down. This isn’t the first time Musk … continue reading →

Currency Complications

USDJPY reached our target at the SMA100/SMA200 overnight, at least temporarily bringing the pair back below the top of the falling white channel from which it broke out on July 10.  Readers will recall that breakout was instrumental in helping SPX break above its faux IH&S neckline 66 points ago. A USDJPY rebound here is … continue reading →

Engineering AAPL’s Breakout

The big news yesterday was AAPL’s market cap reaching $1 trillion.  For chartists, however, the big story was the breakout shown below. It’s hard to overstate the importance of this move.  Just a few days ago, the stock had broken below a trend line dating back to April 27 and was retreating from its 2.24 … continue reading →

Facebook’s Faceplant

$20 billion here, $20 billion there.  Pretty soon you’re talking real money. Maybe Zuck should have accelerated his sales a bit more. Facebook’s disastrous conference call and outlook has seen the stock plummet 25% from its earlier highs.Note that this brings FB back below: (1) the trend line which has buoyed it since April 4; … continue reading →

Is Market Integrity Even a Thing Anymore?

Want to know where markets are going?  Just check Facebook.  The stock, that is. As I pointed out in March [see: Facebook Flops] the stock is a very reliable indicator of overall market direction.  And, right now, it’s threatening new all-time highs. But, its accomplishment raises an important question: does it matter how the stock … continue reading →