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This one simple chart speaks volumes: it represents the ratio of the Russell 2000 cash index to the S&P 500 cash index. As you can plainly see, there is a fantastic top formed (vastly bigger than the prior one, which was way back in the mid-1990s) and speaks to substantially lower prices ahead.
One of my watch lists is called Recent, and within it I house interesting and relatively young stocks (less than two years in the public) markets. I’ve plucked seven of these out of the list and wanted to share a few words about each chart.
The first chart is a good example of how dangerous is can be to buy a stock with an otherwise bullish formation in the context of a bear market. This was shaping up as a perfectly valid right triangle bullish pattern, but take note that (a) the pattern never completed (b) it did a bit of damage to its supporting trendline. I say again, it’s all about context. It’s tough for an otherwise bullish stock to succeed when the atmosphere is poisoned
(more…)Happy Friday, everyone. Well, once again the market tried to push the /ES above the resistance trendline, and although it wouldn’t take very much at all to succeed, it hasn’t quite happened yet (as of this typing, at least). This is the third time this week an attempt has been made.
The immediate reaction to this morning’s CPI from some, shall we say, more bullish-inclined Slopers was not surprising. I personally wish I had had the balls to say out loud my “today will be the Reverse Rolo Day” prediction, but I didn’t. Shame on me. In any case, the repulsion from the trendline on the /ES was a thing of radiant beauty. I can only drop to my knees and ask heavenly father that we’ve nailed a top today and this Fed Pivot horseshit can finally exit stage left. It’s dreadfully tiresome.
Let me start off by saying that, in honor of Elizabeth Holmes‘ imminent incarceration, we will be honoring her by incorporating her lovely face in these charts. Let’s do this.
I have a confession to make: before the CPI came out, I was toying with the idea that today would be a “reverse Rolo” day. That is to say, I pictured in my mind an explosive move higher, and then a fade all day long. It’s too early to declare anything close to victory yet, but this is sure a good start. Just look at what the /ES did in relation to its resistance trendline. Beautiful! Worth of an 11 year sentence!
