In spite of what you’ve heard, shorting stocks in 2017 has not been like shooting yourself in the foot. Don’t believe it. Because at least when you shoot yourself in the foot, it causes some excitement and, later, sympathy.
In spite of this, for those foolish enough to give it another whirl, the two big auto parts retailers are rocketing up toward massive amounts of overhead supply.
Long CBRE Group (CBG)
First off, WOW about the Matt Lauer news. That’s sort of Walter Cronkite level in terms of the media world. I’ve frankly never understand the mega-success of the guy. He seems utterly boring to me. All the same, we live in some pretty interesting times.
Second, and far more germane to this blog, good GRAVY cryptos are running wild, aren’t they? Bitcoin just about tagged $11,000. I’m feeling good about this, because SlopeCharts had a RECORD day of users. I guess people really dig the HUGELY IMPROVED depth of data, including free REAL TIME, INTRADAY data on cryptos. Keep using ’em, folks – – the price is right!
Thank God for SlopeCharts. It gives me a creative, beneficial distraction from this New Highs Every Day No Matter The News market we’re in. It gets better, you benefit, and I don’t lose my mind. Everyone wins.
But I’ll take my hands off my eyeballs and look at a few ETFs and share a few words about them. First up is crude oil, which is probably going to have some excitement on Wednesday, between the inventory report (10:30 EST) and, much bigger, whatever rumblings come out of the OPEC meeting. As much as I’d love to see this crumble, the chart definitely looks more bullish than bearish.
Bears really haven’t made a significant impression on equity indices this year (Editor’s Note: no kidding…..….) and, statistically, there’s not much reason to think that might change in the last month of the year. One key trendline that I have been watching is the very decent looking rising wedge resistance from the 2016 low and that has broken up with some confidence today. That could still be a bearish overthrow, but that seems doubtful. More likely SPX is heading to test the next decent trendline option, currently in the 2650 area. SPX daily chart: