The one Christmas character I most closely identify with is the Grinch (the pre-reformed one). I’ve always been interested in the voice behind the Grinch Song (who is also the voice of Tony the Tiger, along with countless other characters), and today I found a fascinating interesting with Thurl Ravenscroft, which I recommend you enjoy:
Abercrombie & Fitch (usually referred to here on Slope as simply “Skank”) has been in a slow burn for a long time. I’m a big fan of retail shorts these days (KATE, PIR WSM, etc.) and this is the absolutely king of the clobbered.
That topping pattern is almost complete. Once the lower horizontal breaks ($42.47), it’s adios.
The tape is low volume and has been pretty dull this week on indexes, particularly on NDX/NQ. Volume is unlikely to increase much before next week and the tape may well remain boring, though at the time of writing ES and TF are making a spirited attempt at converted the weekly pivots there to resistance, and if that attempt is successful then this might get more interesting, though it might just establish a tape just as boring with a different underlying bias.
Until we see ES and TF convert their weekly pivots to resistance my overall lean is towards seeing retests of the all time highs. Even in that case I’d note that the downside targets on ES and TF to establish ideal bull flag channels (to then retest the all time highs) would currently be in the 2238 and 1345 areas respectively. On weekly pivot conversions today then those (moving) targets would be the obvious next targets. If the indices head there then that move might be just as dull. I tweeted my premarket video today looking at the setups on ES, NQ, TF, DX, CL, NG, GC & ZB. As usual the indices were among the least interesting looking instruments to trade today. You can see that video here.
One of the simplest, most basic bullish patterns is the saucer. Well, my friends, this one is a hall of famer with respect to clarity and quality, and it’s from a most unlikely financial instrument – bitcoin! I guess 2017 is going to be very good for crypto-currencies.
Since I am typing this before the market opens, the earnings-surprise gap isn’t reflected in the chart below, but MIcron is surging strongly with a quote of about $23 right now. This will go a long way to closing its gap, pointed out below, at the 23.66 price level. I’m going to be watching this, because if it can stay below (or at least not far above) 23.66, it may be a very interesting new short based on its gap closure. It took half a year to undo the damage from the gap, but it’s clear that today will finish the job.