Back to back reversal trend days which we haven’t seen in a while, and NQ has now made the new ATH that Stan and I were looking for. My video was moved from premarket to just before midday this morning, as a big Windows 10 update took my media computer hostage for several hours and I had to wait for that to finish. Here is the section on ES, SPX, NQ and TF. Intraday Video – Update on ES, NQ and TF:
I cannot remember the last time I’ve grabbed my iPad from the side of my bed in the morning, fired up thinkorswim, and actually saw red on the screen. The ES and NQ are green. Every. Single. Day.
This morning, naturally, is not exception. Concerns about the let’s-finish-raping-the-poor tax travesty bubbled up yesterday, and the ES actually managed to fall a few points. Well, the chinless wonder won’t have any of that, so for no particular reason at all:
Surprisingly interesting action on SPX/ES today and the possible 2017 highs on SPX and NDX that Stan and I are looking for in the next three or four days may already be in. Intraday Video – Update on ES, NQ and TF:
I’m a big fan of Mystery Science Theatre 3000, and from that series I learned of a famously-bad movie director named Coleman Francis whose movies were “often criticized for their abysmal production values, repetitive plot devices, murky picture quality, and stilted acting.”
I must say that I’m reminded of the late Coleman Francis when I look at the equity market, because it’s become as boring as one of his movies. But what can one say about a market that looks like this, except that it sure has gone up a lot:
Looking at the shorter term charts there are some signs that we might see a retracement, though with Fed tomorrow any retracement may need to wait until then. There is a possible case for NQ to backtest the weekly pivot at 6344. Intraday Video – Update on ES, NQ and TF:
The canary chirped in 2013 as its equipment sector ramped up its bookings and we kept up with the bullish data every step of the way after that with updates like this one.
Semi Sector & Stock Market (2014)
The canary chirped again, as we noted amid much resistance if not outright contempt (this is when a supposed tech “expert” was held up in stern refutation of my stance, by a former subscriber whose trusted experts were then bullish gold and bearish Semi *).
Then in November 2017 it was time to begin a new narrative as the MSM pumped a fund manager who, though bullish the FANGs, thought he’d found some great relative value for 2018 in the Semi sector. The link below clearly refutes that and gives reason to believe that these goofy troubadours in the MSM are going to lead a lot of new market participants to slaughter. (more…)
A modest storm by US standards is passing over the UK. We have enough snow for a modest selection of snowballs, and I’m planning a quiet weekend in, relaxing while doing no more than an absolute maximum of seventy charts and three videos before Monday. I might light a nice coal fire if the snow lasts.
Intraday Video – Update on ES, NQ & TF: