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I’m having a pretty good day, thanks almost entirely to the weakness in banking stocks. This is a big component of the small caps, and you can see on the /RTY how the price has been playing jump rope with the red horizontal, which keeps flipping roles from support to resistance.
Last Friday and this Monday had an awful lot in common. In each case, the prices absolutely plunged pre-market, and then for no particularly good reason, they rallied monstrously all day long. Apparently Monday’s reason was a bunch of Fed speakers who said interest rates wouldn’t go up anymore. History has shown that the MOST vicious bear markets are when the Fed enters a rate-slashing cycle, so I’m not sure why everyone’s got a woody over this, bu Zerohedge (AKA Goldman Sachs’ mouthpiece) sure is giddy at the prospect of a (ha!) new bull market.
Designing, manufacturing, and selling for a profit devices which can maim, mutilate, and incinerate people is a long-standing American industry. I personally don’t believe in the classical Hell, but I suppose if there was one, the senior management of all “Defense” companies would be nice candidates.
In any case, here is a multi-decade chart of Northrop, which had a grand old day and has, quite obviously, been a sensational stock for a very long time.
In recent weeks, commodities have plunged. Thanks to yet another violent conflict in the world, commodities (and oil in particular) have exploded higher. My belief is that this move is done or close to done, and we must watch the price gap as a point of important resistance.
As we enter a new week with Yet Another War on our hands, I ponder this targeted demographic’s weighty query………..
