indexes like the S&P 500 and Dow Industrials were at lifetime highs just yesterday, whereas the small caps have been lagging fairly badly. What’s interesting to me is the channel on the small caps, shown by way of fund IWM. As you can see, the last time it tagged this lower channel trendline, it rallied mightily (that was, of course, just before the election). Let’s see what happens in this instance, because a trendline break could be a game-changer.
I’ve got a reasonably-long list of “to do” items for my SlopeCharts product, but I’d like to throw the question out to the group as to the kinds of technical studies or features any of you would like to see. Please just say what you want in the comment section or, just as useful, click Like for any comment whose suggestion you support. Thank you!
NDX retraced today without hitting my channel resistance trendlines in the 5830 area. My working assumption is that NDX will test those levels tomorrow or Friday. NDX 60min chart
My most profitable short position is Brinker International, which I’ve posted about many times. If you are not in this position, I do not think it’s too late. Far from it………I think Brinker has a long, long way to go. Here’s the topping pattern and the breakdown:
I’m going to make this post rather fast for one reason: squirrels. You see, the squirrels around town get up at a very specific time, and once they are up and about, it’s all over for me and my dog walk. You’ve never had your arms yanked off quite so swiftly as when a bunch of bushy black tails are scampering around and two very large, strong dogs are intent on pursuing them. So I need to scoot while I have a chance.
In any event, you all know my fixation on crude oil and my bearish positioning on energy stocks. In spite of yet another very green day on ES and NQ, I’m feeling pretty good about this morning, because crude continues to weaken. It seems that the OPEC meeting this month turned out to be just a fake, fabricated, anti-market contra-trend joke, and the true direction of commodities has resumed. I remain gleefully long ERY and DRIP and short a hodgepodge of energy issues, each of which I detailed last weekend.