It’s a strange phenomenon: the more serious the coronavirus threat, the more strenuous the efforts to prop up stocks. After headlines such as those below, the market has no business being in positive territory. CDC director: Novel coronavirus ‘is probably with us beyond this season, beyond this year’ Coronavirus Live Updates: China Says 1,700 Medical … continue reading →
So…the coronavirus isn’t tapering off after all. Not to worry, though, says WHO adviser Ira Longini. It should only infect about 5 billion people. If you’re surprised by the degree to which governments and the mainstream media have been downplaying the severity of the outbreak, you haven’t been paying attention for at least the past … continue reading →
The algos are working overtime, this morning, employing the usual VIX breakdown and CL “breakout” to keep futures on the rise. We saw the bullish 10/20 cross in SPX and ES yesterday, so the technical picture has officially shifted. When it comes to this market, where there’s a will…there’s a way. continued for members… … continue reading →
SPX broke out to a new high, yesterday, prompted by a last-minute breakdown in VIX that sent algos scurrying.It had all the integrity of a dog-faced pony soldier, but it counted all the same. Now, as the market is about to open this morning, we’re seeing repeated plunges in VIX – just enough to remind … continue reading →
Amidst growing speculation (soon to be evidence?) that the coronavirus outbreak is much worse than the Chinese have admitted, the market is having a hard time whistling past this particular graveyard. Futures have climbed back from an ugly Sunday, but are hardly out of the woods. If this gently falling, carefully managed channel breaks down, … continue reading →
The ES trend line we were expecting to break down yesterday did, in fact, break down. But, it has been a very meek, carefully controlled breakdown so far. Most factors are still bearishly aligned except for DXY, which has broken out of a little falling channel on continued weakness in the euro. As for the … continue reading →
Thanks to the many well-wishers for your messages of support over the past few days. My knee surgery went very well Tuesday and I’ve already graduated from the walker to crutches and am determined to replace them with a cane by the end of the day. I’ll probably skip the Boston Marathon this year, but … continue reading →
Not the website…but your humble editor-in-chief. Hope to be up and around by Thursday Feb 6. … continue reading →
ES precisely tagged its SMA50 at 3212.75 on Friday. Recall that the SMA50 has been our preferred downside target since ES tagged our preferred upside target on Jan 22 – representing the intersection of the rising white channel .236 line and the top of the rising purple channel it broke out of on Dec 12. … continue reading →
In a stunning demonstration of the extent to which algos control the market, ES soared 56.50 points after the World Health Organization declared the Wuhan coronavirus a public health emergency of international concern. While it’s true the press conference felt more like a China tourism promo, the declaration in no way reduced the risk the … continue reading →