Well, I’m going to get some work done this evening, but I wanted to sign off with an intriguing chart from over at Elliott Wave. It shows the most recent sentiment figures for the stock market. I’ve never seen optimism like this – at least not since late 1999. All the bears are either dead or – – like me – – bleeding and screaming in pain. If you think this a dynamite time to gobble up long positions, I won’t stand in your way. See you tomorrow, where another all-time high is sure to greet us.
The vacillations in the stock market have made me not want to write anything about charts, so let me share with you a positive anecdote about Tesla (which is reporting earnings this afternoon, I believe).
One of the big appeals of the Tesla is its relatively long driving range. Whereas a Nissan Leaf, the other all-electric vehicle we own, will realistically get you about 70 miles on a full charge, the Tesla will give you about 270. This means that driving from San Francisco to Lake Tahoe or Los Angeles becomes practical in an all-electric vehicle. (more…)
Data released today (Tuesday) shows a drop in Week-to-week and Year-to-year Store Sales, as shown below…we’ll see if this weakness persists in the weeks ahead.
If this whole “bearish stock market” thing doesn’t work out, maybe I could start a geriatric orthopedic blog named The Slip of Hip. Until then, I’ll make do by offering up some more – sigh – bullish ideas. Financial stocks are doing well, and here are a trio of financial stocks that are have particularly good patterns. (more…)
Well, Ben got us to 1600 on the SPX and 15000 on the INDU. What’s the next Big Round Number for his adoring public? 3000 on the NDX! Considering how the market has completely and utterly detached itself from reality – – both bad news and good news is considered bullish – – no doubt we will be there soon.
I’m really not feeling at all well today so I’m going to post three charts and go back to bed.
SPX closed at the upper bollinger band for a third day yesterday, and if it does the same again today the target range is 1631-4. Daily middle bollinger band support is now at 1583: