It’s the middle of the night, and we’ve just finished up Automatic Trendlines. And, by God, they are FANTASTIC. I’ve already surveyed the competition, whose auto trendlines are an embarrassment (if they have any at all).
SlopeCharts just keeps getting better all the time! I’ll do a post about this and other improvements on Wednesday. I’m going to bed. I’ll be up at 5:30 a.m. as always to continue my Quixotic quest, fighting the good fight.
One of the most frustrating charts to trade during 2017 has been almost any chart in the metals complex. In fact, if you speak to most metals investors, you would almost think that they have incurred a huge loss in 2017.
But, that is far from the truth. In fact, since we caught the low around 107 in the GLD at the end of 2016, we have seen it rally almost 20% off those lows when it struck its 2017 high back in early September. As I write this article, we are still 13% off those lows.
Even though we still have seen a nicely positive year for GLD to date, the sentiment is one of despondency and despair. You see, the complex has had multiple opportunities to strongly break out during 2017, but has failed to reach escape velocity despite several set ups to do so. And this has likely caused the negative sentiment pervasive through the market, despite the positive return year. In fact, the best categorization of the sentiment I am seeing in the market is indifference. (more…)
I think real estate is screwed and tattooed. For those who want an instrument to take advantage of this, you might consider triple-bearish-on-real-estate fund DRV, which just had a bullish breakout today.
I’ve shorted Myriad Genetics (MYGN) with a stop at 35.84. Biotech companies make me a bit jumpy, of course, so the position is pretty small. Here’s recent activity:
Long Veeva Systems (VEEV)
My big winner today is HNI Corporation (symbol HNI), which I’ve mentioned quite a bit, including just yesterday on my Tastytrade show. It has lost about a quarter of its value today, and judging from the prior massive gap down, it would seem to me the dropping is not through.