Having gone through the index charts this morning, I can only say one thing: there isn’t a single bearish thing I can say about any one of them. They just………..keep going………..up. There aren’t any topping patterns. There aren’t any particular demarcations to indicate a reversal. They simply keep ascending, irrespective of anything.
Is this my “capitulation”? Yeah, I guess so. And I’m going to take it a step further with my avatar. The pirate flag is being lowered. I’m going to return to a mentally-challenged kid in a wheelchair. It seems far more fitting. TIMMAY!
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:
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.
This post has nothing actionable. There’s nothing you can do about it. Or me, for that matter. It’s just me bitching. But maybe there’s a lesson in here.
One of my short positions was (note the past tense) Macerich, symbol MAC. I was puzzled this morning to see I was stopped out, because on my spreadsheet, it showed a nice, healthy profit. But I had a sneaking suspicion what I was going to find out. And, sure enough, here’s the intraday chart:
As if Thursday couldn’t get any lamer……….
Last night, the ES and NQ both tumbled double digits (see yellow tint below) thanks to a brief case of the Hong Kong flu. It looked like it actually might be the first decent down day since President Benjamin Harris was in office. However, as federal law requires, this modest drop was totally destroyed (and then some) as highlighted by the green tint.
Size of profits at the opening bell: