Apologies for the very late post again today. Wednesday is my biggest charting night of the week at theartofchart.net and I was up until 4am. When I get to my desk every morning I also review and publish charts on currently nineteen different futures and forex pairs with a premarket video looking at any changes of interest on each. Even though I live to chart I tend to get a bit tired on Thursdays.
There’s a running trader’s joke about types of days that can set up in the morning and then play out over the rest of the trading day. It’s like a movie when you watch the first part and you have a pretty good idea how the rest plays out. Some tape movies, such as Buy The Dip movies are very common, but today’s was a rarer variety that I have christened the Vee Movie.
I am relieved to say I was not among them…………lifetime high with a P/E of 44…….
Most of you already know of my fondness for energy shorts. Here are a couple of leveraged bearish funds (thus, longs) that got beat up badly lately which I believe are ready to reverse into new highs for the year (Allah willing). Here’s the one I’m presently long:
Long Teradyne (TER)
Just for a bit of perspective…………
“Short Now And Profit“ – a sneering takedown of SNAP’s IPO, stating, and I quote, “everything – – everything!! – – about this company screams “ridiculous overvalued bubble”, including, but not limited to, Evan Spiegel’s smug little cleft-chinned face on every magazine cover” and I conclude “Next stop: the teens.”
“Snap, Crackle, and Proof” – a much kinder, gentler examination of the Snap organization, about which I speculate “probably owns the world’s largest collection of child pornography”
Highly-paid Wall Street analysts, however, had a different take on this, umm, “investment”, as expressed by their buy/sell/hold recommendations on SNAP:
So, yeah – – 30 of them with a “Buy” or “Hold” and 4………count ’em, 4………with a “Sell”.
Let’s see at the close of trading today whose opinion was right.