Just one last quick chart before I close shop for the night – – gold – – which I am short in abundance at the moment. I hope the chart makes my idea plain; the length of cycles looks pretty regular to me.
This 2007 interview is simultaneously fascinating and sad – – Gallagher, presently 71, comes off as painfully bitter. Almost every single comedian they ask about he declares as just terrible. Also take note early on he claims to know more about stocks than all the Wall Street analysts combined (which, let’s face it, is probably true).
I gather he recorded this ten years ago, and if I recall correctly, he got wiped out with all the “stock trading” he refers to early in this interview. Not a Slope reader I guess, eh?
Nearly four months ago, I did a post called Short Now And Profit, which boils down to the acronym – surprise! – of SNAP. I’ve been pissing on this IPO ever since it came out, and now it’s gone sub-teen, approaching losses of 60%.
As a public service, I will remind my readers that Evan Spiegel is understandably not concerned about the unwashed masses getting wiped out by their bag-holding ways, as his mind is focused on his lovely bride and all the fun they can have together – – so forgive him.
My dear friend Rob Reid had a book launch party last night, which I attended. He’s written a massive new novel called After On, which I’ll do a post about once I manage to read the tome.
The big news in the markets, of course, is Apple, which is roaring to lifetime highs at this very pre-market moment, up over 6% on strong earnings. This is pushing the NQ higher too, of course, although its own gains have softened a little overnight (hence the black bar, instead of white) and which itself is NOT at lifetime highs. The NQ rocketed over 7% in the month of July alone, so I guess the excitement is already sort of built into the overall market.