I think I’m going to be uncreative this week and, at the end of each day, just toss out a bunch of charts that I found had interesting market action that day and share a few words about each of them. Maybe tomorrow, when I’m semi-conscious and less jet-lagged, I’ll do better. Here goes….
The Dow Jones Composite has finally, fully, broken its wedge. Hurrah! This is a good thing. Next goal: break the green!
Greetings from Prague. I am utterly bleary-eyed from a very long airplane flight, plus I’m 9 hours ahead of my normal time zone. At this point, I find the toiletries provided by the hotel to be amusing – - it appears to be an ecstatic mole.
Well, friends, I’m off to the airport to begin a long, long, long flight. Five-star general Iguanadon has the keys to the car, and Slope’s contributors have stepped up and stated they will be doing plenty of posts for the next couple of weeks. I’ll still sorta kinda be here, just not quite as persistently as usual. My travels usually coincide with market turmoil, and hopefully this time will be no different. Up, up, and away!
This screen shot below just goes to show how a single data point can be spun according to the disposition of the observer. Reuters Business is “just the facts, ma’am”, when it comes to this morning’s consumer confidence number. Business Insider is the typical rah-rah, permabull, USE ALL CAPS zealot (BOOM – Good Lord, people). And, of course, our friend Tyler at ZeroHedge sneers at the ostensibly good news. As journalism students have long been told: “consider the source.”
I’ve mentioned AudioCode on more than one occasion, both here and on TastyTrade, and it’s finally rolling over nicely. The real payoff won’t happen until and unless it crosses beneath 5.29, but this is a good start.
I haven’t traded oil in a long time, but I am newly-intrigued by this chart. It looks like the most likely path is downward………