Few stocks exemplify the current excesses of the stock market better than TSLA. In our last posted update on Jan 30 [see: TSLA on Autopilot?] we noted that it was approaching the top of a channel and a potential Fibonacci reversal point at 653.26 [131.15 post-split.] We noted at the time: If it reverses here, … continue reading →
Tag Archives: stock market
With May contracts in the rear view, we wondered whether oil markets would revert to some sense of normalcy. A steep contango continues, however, with June contracts assuming the role of the panic stricken expiration month. Futures tested our initial downside target yesterday, the Fib 2.24 extension at 2728.79, and bounced overnight… …as oil and … continue reading →
More fun and games from the market-rigging department… If SPX’s rally has impressed you, check out the Nikkei. Since its Aug 26 lows, NKD is up a whopping 13.8% — more than twice SPX’s impressive 6.0%.Do what I did and google “Japan” and “economy” for the past month and you’ll see nothing but negative stories … continue reading →
In our last dedicated post six months ago, we discussed the critical resistance DJIA faced: the neckline of a large H&S Pattern. …it’s important to note that like SPX and COMP, [DJIA] is backtesting a point of potentially strong resistance — the neckline of a large Head & Shoulder Pattern that never completely paid off. … continue reading →
First, a confession. In 2004 I sat next to a guy at a Sundance Film Fesitval screening who was very excited about his company that would someday be able to play movies on your computer or even your cell phone. “Why won’t this guy shut up?” I asked myself as I scanned the theater for … continue reading →
There’s a lovely English figure of speech which suggests the ridiculousness of something happening: “when pigs fly.” In German, the same sentiment can be expressed by the expression “ich glaub mein Schwein pfeift” which means “I believe my pig whistles.” DB is surely trying, but it’s having a hell of a time whistling a happy … continue reading →
PPI just confirmed what CPI declared yesterday: Despite official White House discourse, there is inflation.Of course, it’s very clear that food, energy and trade services are the primary drivers. Without them, PPI is as low as it was in Aug 2017.As a reminder, when Aug 2017 PPI was announced, the 10Y was about 2.1% versus … continue reading →
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 →
This is day 8 of our membership promotion, running now through the end of the month for members and non-members alike. We’re offering a 25% rebate off the first month of Monthly and Quarterly auto-renew subscriptions. Annual memberships are available at a very substantial discount (rewarding those who act quickly!) Remember, the annual pricing is … continue reading →
After allowing a six-session slump (that saw SPX nail our downside target), The Powers That Be can be forgiven for insisting on an overnight ramp job.Last night, it was USDJPY pushing through horizontal resistance, VIX getting clobbered through three separate moving averages, and oil continuing a nice bounce off our 48.63 target. It should be enough … continue reading →