With Thanksgiving here I’ll mostly be catching up with paperwork over the rest of the week. The globex action this morning has been very interesting and profitable, but my expectations for the rest of the day aren’t high.
SPX turned in a 28th consecutive daily close above the 5 day MA, and though I’ve only been able to check this myself back to the beginning of 1962, I understand that is a new lifetime record for SPX since 1923, beating out the previous record of 27 closes above set in (cough) 1928. I’m certain that this move here is at least as much a sign of a healthy bull market as the 1928 record was, and would note that SPX doubled in value in the months after that last record was set, though there was some bearish action after that. At some point this record-breaking run will have to end, but this being Thanksgiving week might extend the run a couple more days. The 5DMA closed yesterday at 2060. SPX daily 5 DMA chart: (more…)
First off let me make this statement plain and simple before one reads any further. This is not a hit piece, nor an effort to take swipes at Tony Robbins or worse, some feeble attempt at click-baiting.
I have been a true fan since he first hit the motivational stage decades ago. However, just as I am what many would call an Apple™ “fan-boy” (which I am) it doesn’t stop me from pointing out issues where I see a compelling reason to do so.
As I’ve stated before, I mean it in a manner the same way one would criticize a family member when they are either doing something that doesn’t make sense, or something other. Nothing more, nothing less. (more…)
If you’re into retail and want a true contrarian play, look no farther than beleaguered chain JC Penney. It’s been beaten to smithereens, presently about 10% of its prior peak price, and it seems to be hammering out a bottom.
Excerpted from the November 23 edition of Notes From the Rabbit Hole, NFTRH 318:
Semiconductor Equipment Book-to-Bill Ratio Moderating
Since we were the only ones (so far as I could see) even talking about the Semiconductor equipment industry ramp up (and positive implications on US manufacturing) back in early 2013 I think we should continue to tend the sector and finish what we started.
Last month the SOX took a massive dive down to our noted long-term support area in a giant swoosh of hype (coming from the financial media by way of one company’s outlook) and emotion by way of stampeding herds trying to get out at all costs. It was just a setup as the SOX resides at new recovery highs this weekend. (more…)
Netflix hasn’t exactly been having a banner 2014; although it reached its highest point in history only last September, it’s down about 30% from there and is red for the year.
Urban Outfitters has come roaring back from its hard gap-down that occurred on October 17th. I have thus shorted it, since that gap is almost perfectly filled, and I don’t think the stock tumbled hard for no good reason in the first place.