Time once again for a review of the big picture, because… perspective. For example, in my mind I feel that training has been done to not expect a real whopper of an inflation trade. That was from the conditioning of the global deflationary force, post 2007. Yet the technicals for industrial metals are bullish for more upside, as you’ll see below.
Anyway, here are big picture monthly charts with limited word interference from me (and hence, not comprehensive analysis). It’s just for your own individual reflection if you’re even into this stuff like I am. (more…)
Another day, another SlopeCharts improvement. We have deepened the historical data for indexes and added a couple of new ones. Those of you who are Plus subscribers can, of course, fetch my own list of 36 indexes (and the mark-ups) via the Publish feature to which you have access (just look for my watch list cleverly titled “Indexes“). Here’s one new index, the Dow Jones Composite, which goes back to January 1966.
Looks to me like these manufacturers of killing machines are very lofty when viewed by way of these multi-decade long channels. Priced for perfection.
This is dumb, silly, and just for fun………
On Sunday night, I happened to stumble across some really old index data (yes, my friends, this is the kind of thing I do FOR FUN on a weekend). It was from the late 1700s up until 1900, and it was representative of the US stock market. This was before the days of even the Dow Industrials, of course, so I’m not sure what they cobbled together, but it was interesting data nonetheless. I made a simple line chart out of it:
Ever since eclipse day (the 21st of August), markets have been surging higher, thanks, it seems, to the distinct lack of nuclear missiles flying through the air. The small caps are up nearly 6% in that brief timespan, but I think it would do us all good to keep the big picture in mind.
Here’s the index for the past twenty years. As you can see, we have hit that red resistance line five times now, turning back in each instance.
I keep looping back to the word “annoying” to describe the market, and that still seems to fit. The goddamned thing just won’t go into a freefall. To be clear, I had a good week, but good God almighty, it’s way too much work. Market Gods, throw me a bone here! Give me a morning where the ES is down 50! Do it for the Timster.
Anyway, one big theme all year long has been the US dollar’s steady progression from (1) mega-powerful currency to (2) quilted toilet paper. I suspect this trend will continue as Trump continues to bungle his way through his only term.