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Thirty-four billion dollar firm John Deere (which,umm, incredibly, is about the same market cap as Twitter) is looking somewhat flaccid here, folks. What should have been a clean bullish breakout is limping downward, and I have added this to my dazzling array of shorts. 90.89 is the stop-loss price I am using, just above the high of January 13th. They report next month on the 12th.
One would be hard-pressed, I think, to find any trader – be they bull or bear – who is in love with 2014 so far. Below is a simplified chart of the ES for the year so far. As you can see, we’ve gone absolutely nowhere. If the market rips higher, it just sells off. If the market plunges (as it did, as so often before, this morning), it simply recovers. Only the most nimble (and fortunate) ES traders are thriving. For the rest of us…….this kind of action gets old pretty quickly……
These charts still look great on the long side, even with indexes at nosebleed levels:
This morning, we all woke up the this news:
