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I haven't been shy about slamming Zynga, but over the past month, I've mentioned a number of times how dogs like ZNGA and GRPN have been forming nice bases that were conducive to long positions. Groupon's chart looks nicer than Zynga's, but all the same, Zynga is finally catching a break and having a great day.
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?
I did a comparison of HYG and SPY; check it out:
Completely, totally, and irrevocably broken.
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:
