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I wish I could find my first mention of CLF being a great short from last year, but I just don’t have the time. I did find this “follow-up” post (meaning I had suggested it as a short earlier, probably when it broken its neckline at around $44):
Even after this bragadocious follow-up post, CLF was still in the mid-30s. It’s in the teens now.
If the SPX rising channel had broken down on this recent retracement I would have little doubt that we were looking at topping action here, with a steep channel being replaced with a shallower channel prior to a significant breakdown. The rising channel on SPX has not yet broken down however, so this may just be consolidation.
On the current ES channel an RSI 15min sell signal triggered overnight, but unlike the previous seven signals this was at the test of the last high rather than at channel resistance. This should mean that we are going to see this channel break soon. If we see a break downwards then there are decent looking candidate double-tops on ES and SPX. Here’s that reversal on the ES 15min chart:
This is the TENTH DAY IN A ROW that the ES has “toggled” (up/down/up/down). Has this ever happened before? This market has lost its mind.
I find it comic and tragic at the same time. At least the comment stream on Slope follows suit. On odddays, I will laugh and point at the bulls, who will be totally absent. On even days, Clint and Googley will be giddy, anticipating the ES will be at [{Current Value}+25 Points] in the next day or two, and I will be mute.
I seriously can’t remember ever seeing anything so ridiculous.
