As exciting as August began for the bears, it turned out to be The Month of Lifetime Highs. The VIX got crushed back to 11, profitless companies like Tesla exploded in value (in TSLA’s case, over $33 billion), and big-boy indexes like the S&P 500 were at levels never before seen in human history.
In light of all this, I’ve dug up a few stocks which still have promising-looking patterns on the long side, without having run off with themselves like so many other long setups already have. I will say, however, as if it weren’t obvious, that I neither own these, nor do I intend to, in light of the price levels on indexes for which “nosebleed” is really an insufficient metaphor.
I am, in all candor, shorter than I have ever been in my life, because the quantity and quality of short setups boggles the mind. Undaunted clarity, or misguided foolishness? Only time will tell. Setting that aside, though, here are a few bullish charts for you: (more…)