For the longest time, I got emails from Zillow telling me, month after month, how my house was appreciating in value here in my beloved Palo Alto.
Recently, though, there’s been a bit of a change:
The funny thing is that the amount it has decreased in value – about $540,000 – is precisely what I paid for the entire house way back when I originally bought it.
Today is the third day on the three day rule and bears can trigger the rule with a close today at 2134 or below, approximately 2168 on ES. That was tested at the low today and is holding as support so far. Bears have dominated the closes recently, so we may not know for sure until the close. If the rule triggers then a lower low on this retracement before a new ATH is almost certain. If the rule doesn’t trigger I’ll be getting significantly more doubtful about lower lows. With ES at 2135.50 at the time of writing I’m leaning 65/35 in favor of the bear side. SPX daily 5dma chart:
I’ve been a fan of short positions for retailers, as well as the ETF (symbol XRT), but there’s one in particular I’d like to point out as my favorite: Williams-Sonoma. Here’s the chart:
In case you missed it, please be sure to leave House Safari a good review, as described in the last post. But I wanted to move on to charts, so……….
A few weeks ago, I made a big stink about how any symbol with the word “automobile” in it was shortable (as well as the biggies like General Motors and Ford……….basically anything to do with cars). This bearishness on a particular sector is finally starting to work out. Here are a few examples from today’s trading action.
Look, I’m not above begging, so here goes:
House Safari has been garnering plenty of users and usage (as well as a nice write-up), but hardly anyone has left a review. In the App Store, getting reviews is kind of the difference between life and death, and unfortunately my pool of beta testers can’t post reviews.
I’d therefore like to ask you good people (and, c’mon, I ask for so little) to take the time to
(1) download House Safari (which is an iPhone app) if you haven’t already by going here
(2) leave it a positive review in the App Store by clicking this link.
It’ll only take a few moments, and after doing this blog for nearly twelve years now, I’d like to think I could ask for a small favor from time to time. Thank you.
Yesterday’s close was a break back over the 5dma, so SPX is back on the three day rule. In the event that SPX closes more than two handles below the 5dma today or tomorrow, then the 2114 low would very likely be retested shortly afterwards.
One thing that’s very interesting on this chart below is the support/resistance zone highlighted in yellow. Since the start of 2015 that has held an impressive 14 short term highs and we could be looking at the second low since it was broken.