I’ve only posted about BTC once before, back on Mar 23 in response to a member request [see: FOMC Embraces MMT.] The Dow was about to test its 2016 election day lows and, not coincidentally, the Fed had just unleashed QEinfinity. The post went as follows: Two major chart patterns jump out at me: first, … continue reading →
Tag Archives: trading
May WTI futures are off almost 35% since Friday’s close. This drops it below the 17.12 target we first identified in March 2019 when, at 59.32, CL had completed a rising wedge and tagged multiple channel lines. Members might recall the 17.12 target was originally set for April 2023 in keeping with a March 2019 … 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 →
Yesterday, former SEC attorney Teresa Goody joined those calling for an investigation into the market action on December 24. It was hardly the biggest move we’ve seen over the past year. But, it resulted in new lows that ruffled a few feathers. Click the image to watch the interview, or just keep reading. Goody: …when … continue reading →
Don’t look now, but COMP is approaching our 6760 target. As we discussed on Oct 10 [see: Plan B] COMP faced significant downside if its 200-DMA didn’t hold. Bottom line, it didn’t. It was off as much as 13.3% last month before beginning a bounce that was destined to fail. Next week, it will get … continue reading →
April was the most grueling month I’ve experienced since starting pebblewriter.com. The month started only 6 points below the all-time high of 1576 and ended at the trend line connecting that high with the year 2000 high of 1552. Nearly every session begged the question: will SPX make a new all-time high? Seventeen of the … continue reading →