That was an amazing move yesterday and the double bottom target at 2060 on SPX was hit just before the close. That was rather faster than I had expected, and ES even made a new all time high overnight. ES made it back to over 70 handles over the 45 day pivot (1997.08) again overnight and so was back in Crazytown, where ES has spent much of the last few weeks. I’m expecting that ES may spend much of the rest of December there as well.
What are the odds of retracement today? Well I have a rising channel from the 1992 SPX low and as and when that breaks, most likely today, then I’ll be looking for some retracement. SPX 1min chart: (more…)
You good people will need to talk amongst yourselves for a few hours as I am preparing for a big family vacation bundled together with Christmas. I’m planning to do a general market overview later tonight.
In light of Paramount’s cowardly decision to ban not only The Interview but also Team America (which itself is required viewing for Slopers), I offer the following:
If anyone is insane enough (like, say, me) to dare shorting anything in this market, I offer the following – – VWO, the heavily-traded international equity index fund:
Just for the hell of it………a political blast from the past – – favorite Dan Quayle quotes:
- “Welcome to President Bush, Mrs. Bush, and my fellow astronauts.”
- “One word probably sums up the responsibility of any vice president, and that one word is ‘to be prepared.'”
- “Verbosity leads to unclear, inarticulate things.”
- “I have made good judgments in the past. I have made good judgments in the future.”
- “We are going to have the best-educated American people in the world.”
- “People that are really very weird can get into sensitive positions and have a tremendous impact on history.”
- “For NASA, space is still a high priority.”
- Shortly after Bush announced the Space Exploration Initiative, which included a manned landing on Mars, Quayle was asked his thoughts on sending humans to Mars. In his response he made a series of scientifically erroneous statements: “Mars is essentially in the same orbit [as Earth]….Mars is somewhat the same distance from the Sun, which is very important. We have seen pictures where there are canals, we believe, and water. If there is water, that means there is oxygen. If oxygen, that means we can breathe.”
- “You all look like happy campers to me. Happy campers you are, happy campers you have been, and, as far as I am concerned, happy campers you will always be.” (In a speech to American Samoans, April 1989)