Amidst all the carnage in the tech sector yesterday, one observation bears repeating: the charts were quite accurate when, on December 26 [see: Update on COMP], we noted that COMP had reached important overhead resistance. Even though COMP hasn’t broken free from a very bearish chart pattern, SPX retreated only to exactly where we expected … continue reading →
Category Archives: Charts I’m Watching
Chinese AI startup DeepSeek launched in December, reportedly developed in two months at a cost of under $6 million. This raises big questions about the return on investment for the billions which US companies have sunk into AI. The US market, priced to perfection last week, is reconsidering those valuations with NVDA alone off almost … continue reading →
Trump’s speech to the Davos crowd yesterday helped elucidate his plan for getting interest rates back down: demand that the Saudis lower oil prices and then “demand that interest rates drop immediately.” It’s hard to imagine that Trump hasn’t already had this conversation with the Saudis in private, as oil has indeed dropped over the … continue reading →
Futures are off slightly on AAPL weakness and rising interest rates. It seems that BlackRock’s Larry Fink agrees that interest rates are at risk of going significantly higher. This, in addition to Jamie Dimon’s statement that the stock market it kind of inflated, could weigh on investors as SPX tries for new highs. continued for … continue reading →
Futures are up moderately after breaking out of a falling white channel that originally suggeted more downside. continued for members… … continue reading →
Futures are up modestly, tagging the top of our falling white channel…again. The executive orders announced yesterday might stimulate additional animal spirits, but it’s difficult to believe that any tangible benefits will offset the economic expense of higher inflation driven by higher tariffs and deportations. continued for members… … continue reading →
Futures are up moderately ahead of housing data on a continuing pullback in interest rates. continued for members… … continue reading →
Futures are modestly higher in listless trading this morning following mixed economic data. continued for members… … continue reading →
December CPI came in at 2.9%, in line with expectations and lower than many had feared. Core CPI was 3.2%, down from the outlook of 3.3%. Futures, already in the green after strong earnings from key banks, soared in a relief rally. Though not out of the woods, if stocks can hold current levels it … continue reading →
As S&P 500 futures approach our next downside target, it’s time to wade into the most humbling exercise we ever undertake: a look at what to expect for the coming year. continued for members… … continue reading →