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I've long held a morbid fascination with North Korea. I am partly sad, since the evil government of the DPRK suppresses virtually its entire citizenry in a world of torture, prisons, oppression, and starvation. Imagine what a powerhouse a united Korea would be, modeled after Seoul. Samsung would be kicking our ass even farther across the field.
But I am also partly amused at how unwittingly comic their feckless propaganda can be. Their leadership is so brainwashed that it actually believes the fairy-tale they've concocted for themselves, and their latest creation – – apparently created by a porn director from 1975, judging from the production values – – shows their dream of the future, which in a nutshell involves a really lame North Korean space shuttle orbiting a peaceful (and inexplicably cloudless) Earth, with the exception of the United States, which is engulfed in a post-nuclear firestorm. (You can jump to 2:00 in the video if you just want to see Manhattan in flames).
What a heaping slice of dork pie a la mode this is.
Beloved 5-Star Sloper "Dollar" pointed out an interesting tidbit in the last post's comment stream:
The divergence in the performance between junk bonds (HYG, JNK) and the S&P (SPY) is a yellow light to stock bulls, says technician Jon Krinksy, as the move resembles those just ahead of previous big selloffs. Another sign: Relative strength might be shifting to Consumer Staples (XLP) from Discretionary (XLY). Are investors bracing for a pullback?
The very nice looking topping setup on SPX that I was looking at yesterday morning is developing nicely. I mentioned yesterday morning that if we saw a break back over the 50 HMA on ES then I'd be looking for a test of the highs and a possible double-top reversal and that's coming along very well at the moment. Is it a sure thing? No, there is truly no such thing as a free lunch for traders, but the setup is nice and the odds historically are strongly in favor of seeing the first decent retracement of the year here. Here's the double-top setup on the ES 60min, with a target in the 1470 area on a clear break below 1490: