Algos took their Sunday night ramp and ran with it yesterday. Unlike last week’s breakout, ES was careful this time to break out of and backtest the falling red channel – thanks largely to a 26% plunge in VIX.While all the attention is on stocks, we should note that currencies continue to play an important … continue reading →
Texas, the energy capital of the US, is running short of energy. The cold snap is breaking records throughout the state, with temperatures so low that many wind and water turbines are frozen and not able to produce energy. Refineries are shut down. As of last night, over 3.5 million Texans are without power. Not … continue reading →
Thinking of the late great Chick Corea this morning as I survey the sky-high equities market… Futures have regained about half their overnight losses, spurred by a timely dip in VIX and pop in 10Y yields (testing Monday’s highs.) continued for members… … continue reading →
Jerome Powell gave a good news/bad news speech to the Economic Club of New York. He noted that employment is still 10 million below February 2020 levels and that a broader range of unemployment would put the current rate at 10%, adding, “We are still very far from a strong labor market whose benefits are … continue reading →
Futures are off modestly as the algos have backed off their assorted breakouts and breakdowns now that the bearish H&S Pattern has been busted.continued for members… … continue reading →
See if you can spot the point at which TSLA disclosed its purchase of $1.5 billion in BTC. Yes, in a world where seemingly everything is making new highs, BTC joins the party – courtesy of Elon Musk. continued for members… … continue reading →
In another obvious show of how easily this market can be manipulated, ES’ final bearish Head & Shoulders Pattern was busted in the final five minutes of trading yesterday. This morning, SPX’s H&S Pattern will also be busted with a burst higher in the wake of another disappointing jobs report. And all it took was … continue reading →
In Friday’s post VIX: Back From the Dead we noted that VIX had recovered from the breakdown below trend dating back to Nov 27. This morning, it’s testing overhead resistance from Jan 4 and, if it’s able to break through, will likely take on resistance from Dec 21 or even Oct 29. Bears might want … continue reading →
Lots of calls and emails yesterday from folks wondering how the hell the market could be up so strongly in the face of the violent unrest in D.C. When the capitol was breached, shortly after 2pm, the S&P 500 was already up 55 points on the day. This came on the heels of a sharp … continue reading →
Maybe Warren Buffett can get through to Congress. In a CNBC interview aired this morning: “It’s so important that small businesses, which have become collateral damage in a war that our country needed to fight, but we, in effect, voluntarily had an induced shut down of parts of the economy, and it hit many types … continue reading →