On Tuesday, the market yet again printed (nauseatingly) recordhighs on many indexes, including the NASDAQ and the Dow Industrials. During troubled times like these, I find it interesting to see what stocks, in spite of the completely fabricated support being thrown at equities, are still down in the dumps. In a normal market, these companies would have already gone bankrupt (or at least been delisted).
Take, for instance, FitBit, a one-hit wonder which continues to collapse into AAPL-created irrelevance.
I’m very much in “movie mode” lately, since there’s so much interest in my screenplay. This is a fun clip, because they talk about the specifics of this clip from a moviemaker’s perspective:
We are here today to give thanks……for the life of Harold Abrahams……to honor the legend. Now there are just two of us. Young Aubrey Montague……and myself……who can close our eyes……and remember those few young men……with hope in our hearts……and wings on our heels……..
I had fixed 60min sell signals yesterday morning on ES and TF, and a weak RSI 5 sell signal on SPX. The TF signal made target but I’m wondering if SPX and ES will need a bit more retracement today. If so I’ll be watching the 50 hour MA at 2284 and the open gap into 2280.85 for support. On the upside rising wedge resistance is now in the 2312 area. SPX 60min chart:
Two quick early-morning items. First, it’s good to see crude continuing to weaken. The grand and glorious goal is a break of support (green tint), since we’ve been range bound for two solid months now. As I’m typing this, it’s actually lower than the chart below, down over 1.5% now.
Second, I’m in make-fun-of-SNAP mode these days, because I think it’s an IPO designed for buffoons who thought 1999 never happened, so I found this little snippet from their S-1 kind of fitting. Click the image to see a bigger version.