If you’re never heard of the creature called tardigrade, it’s considered pretty much the most indestructible living thing possible. It can survive boiling water, or temperatures hundreds of degrees below zero, or radiation, or the vacuum of space, or listening to an hour of Yellen’s testimony………..it’s pretty much indestructible. Appropriately enough, it is nicknamed “water bear”, and it is in that spirit I’d like to present to you these ten stock charts.
Choosing the charts was easy, because these are the ten most profitable positions for me right now, in spite of being in the most cursed, god-awful, god-damned, wretched equity environment for bears in the history of the human race. So here are my champs, which I kindly offer you for the $0.00 you pay me month after month (with the exception, of course, of my beloved Slope Plus readers, whom you non-Plus people should drop to your knees and thank, because if not for them, I’d have shut this place down ages ago): (more…)
I want to be your sledgehammer…….Why don’t you call my name You’d better call the sledgehammer……….Put your mind at rest I’m going to be the sledgehammer…….This can be my testimony I’m your sledgehammer………Let there be no doubt about it
Another new all time high this morning and SPX is still on a daily upper band ride. That could end at any time but we’re going to need to see some evidence before having any confidence in a turn here. This move up from the last low is in a decent little rising wedge and obviously that rising wedge support needs to break, but the key level that needs to break is yesterday’s low at 2322.17. A break below would be a significant sign of weakness and the short term high (at least) would likely then be in. There is a lot of negative divergence on the hourly chart and the rising wedge on price and rising channel on the RSI 14 are firmly leaning bearish. SPX 60min chart:
I first wrote about Fossil Group as a short nearly three years ago, when it was a triple-digit price. It has lost about 80% of its value since then, but besides pointing out this long-term downtrend, I also wanted to know that it seems after every one of these major smack-downs, there seems to be a recovery. This is a very, very sick stock, obviously, but at least take note of what happens when the stock sells off hard each time in the past.
Those of you trading based on the Tim Depression Algorithm (TDA, even though it’s wholly unaffiliated with Ameritrade) were, of course, greeted with red numbers on your quote screens this morning. In fact, at the moment I was glancing at USD/JPY on my iPad, the dollar rocketed higher……