Years before he announced his candidacy in 2015, Donald Trump was the honoree (if you want to call him that) of a Comedy Central Roast. I’m not sure how many years ago it was, but whenever it was, Trump was already saying he wanted to run for President, and the comedians spent a lot of time poking fun at that prospect. (Little did they know……..) Here’s one of them, Jeff Ross, and there are shots of Melania and Ivanka in the audience as well.
Yesterday was one of the lowest volume days of the year, and today was not an exciting day. This isn’t unusual just before a holiday weekend, though it’s rare to see much slowdown before Thursday. Yesterday I mentioned two levels that were unfinished business that might well need to be completed on NQ and TF. The unfinished business on TF was the test of the IHS target and monthly pivot at 1386, and that was hit this morning. The unfinished business on NQ was at the full retest of the all time high at 2427, and that was hit at the high this afternoon. I now have no open pattern targets above, apart from a weak possible alternate IHS target on NQ at 2746.
The obvious next move here is a reversal back down. The setup is all there and if this was a bullish setup I’d be taking out a second mortgage on the farm to add to my longs. As a bearish setup I like it a lot, but is obviously reliant on the bears showing us something to show they are still with us in more than spirit. (more…)
Long eBay (EBAY)
One of my simple pleasures in life is reading the Daily Post, which is Palo Alto’s own little daily newspaper. It’s a morning tradition for me to walk the dogs, grab the (free) paper from a newstand, and read it during my pre-dawn breakfast.
On yesterday’s paper, this photo and caption on the front page caught my eye:
One of the benefits of being a part of a trading room with over 3000 members, over 400 professionals, and 15 analysts is that we all are able to take advantage of the combined wisdom of all the members and analysts in the room. Since I am but one person within this room, I am clearly unable to see all potentials the market may be throwing at us. And, thanks to the collective wisdom of the room, several people have provided me with insights today which I did not have on my own. So, there is no question that we all can benefit from the collective wisdom of the room, and for that I am grateful to you all.
First, our analyst Garrett Patten private messaged me today to tell me that he is having a hard time seeing enough stocks setting up to support a rally to 2500SPX at this time. Rather, many of them still need more pullback before they can substantiate such a run. And, since this is a market of stocks, I clearly need to take that into account in my own analysis. (more…)