On Friday, I took advantage of some strength these three stocks had during the course of the week and sold them all short. There’s FInish Line:
SPX retested the high and has made a new all time high with enough confidence that I am looking seriously at the next trendline target in the 2318 area. This is the resistance trendline on the rising wedge from the start of January. SPX 60min chart:
No one can argue that NVDA hasn’t had an amazing run for years now……..
It looks like another day of record highs across the board for equities. I’ve become inured to it by now. I’m particularly focused on what oil is doing, since apparently the OPEC production cuts are enjoying nearly full compliance, which is compelling oil to make yet another trust at the top of its range. It simply cannot seem to escape this very tight range, and OPEC has at a minimum done a great job creating a rock-solid floor for oil.