Depicted on the following graphs are percentages gained/lost in Major Indices and Major Sectors over a longer term (1 year), a medium term (year-to-date), and a short term (the past week).
They are presented, simply, to illustrate where they are relative to those three timeframes.
My only comments are as follows:
- Major Indices: Utilities, Small Caps and Transports continue to underperform, and I’d monitor Small Caps, in particular, as I outlined in yesterday’s article, for further signs of weakness and an indicator of further equity risk-off activity.
- Major Sectors: Energy, Consumer Staples, Health Care and Utilities continue to underperform, but I’d keep an eye on Financials for any evidence of further weakening, as I recently described here.
Slope, as you might suppose, is my favorite blog on the web. My second favorite, however, is ZeroHedge, and I’ve been an avid and daily reader for its entire existence.
Because ZH has been steadfastly bearish since its creation in January 2009 (which, interestingly, was pretty much the exact almost-to-the-day bottom of equities in general), the standard bromide out there is: “The bear market won’t start until ZeroHedge shuts down.”
Well, look, that’s NEVER going to happen. It’s far too successful a site. I obviously have no clue what their financials are, but they’ve got to be making hundreds of thousands of dollars a year (at least) on ad revenue, so they’re not just going to turn the switch off. (more…)
Given its insane movements, who knows where $BTC will be by the time you read this, but as I’m typing this on Saturday evening, the cryptocurrency has lost a full 25% of its value in the span of just a few days. I remain slack-jawed they are rolling out derivative trading instruments on this thing. I mean, look, I don’t have a dog in this fight, but what if $17,300 was the peak, and this thing just craps itself back down to $1,000? The hype will vanish.
The Dark Index (DIX) is a simple metric that tells us whether investors are using dark pools to buy or sell shares of S&P 500 component stocks. When it’s high, investors are buying. When it’s low, they’re selling.
Any time someone tries to tell you that September is a bearish month………just punch them.