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Another inconclusive day on ES yesterday and it is looking very compressed this morning. I have some increasingly shaky looking trendline support in the 1505.5 area, the 100 hour moving average is short term support in the 1503.75 area and main support and resistance are still in the 1491 to 1511 band. I’m still leaning short:
I was going to title this one "Dad, I'm Dating a Negro!", but I figured some of you are sensitive, since I can't even called Bernanke "Shalom" anymore, so I decided against it. Anyway………..
I must assume some of you at first blush wondered why in the world I would even touch upon such a topic. It’s a fair question.
The reason is more times than not we believe one thing is driving a
market. Yet, we find the actual drivers aren’t anything we first
considered. Remember when a cellphone was the newest and greatest device
known to man before it was replaced with a smart phone?
Think back to all those great features we enjoyed while continually
adding more at a near breathtaking pace. You, me, and a lot of others
believed those updates or added features were caused by our demand or,
our ability to influence the market of cellphones. After all it’s all
about us. Right? Wrong…
Within days, I’m picking up a Model S (long-since reserved; there’s a one-year wait). I have a deep fondness for Tesla; their founder, Elon Musk, is an incredible entrepreneur; the attention to detail to the product line is Steve Jobsian, and the chart looks poised to break out. I’m going old school and buying a bunch of stock for my kids, getting it in certificate form, and shoving it into a safe deposit box. I think this company has a very bright future ahead.
Just like we
said when Facebook IPO’d, don’t trade it…
We’re saying the
same thing about Twitter.
