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I’ve mentioned FNGN as a short idea ad nauseum, and it’s been doing great (for the bears at least). Today marks a whole new level of “great”, however, as the neckline has broken. What’s the target? Ummm, impossible as it might sound, somewhere in the low 30s.
SPX held 1874/5 resistance yesterday morning and then declined strongly to close eleven points under the daily middle band, which is a definite break downwards from the middle band. The next target is the lower bollinger band at 1841, just above double-top support at 1839/40. SPX daily chart:
There is a lot of talk now about a flattening of the yield curve. This talk has been among the most intense right here at the website you are reading at this moment. A flattening curve is commonly viewed as bad for gold, and according to Mark Hulbert, is an indicator of a coming recession.
Why you should care about the yield curve
But is the curve really flattening or is this all hype based on Janet Yellen’s press conference comments? Here is a chart the likes of which we have been using in NFTRH for many months now, the 30 year vs. the 5 year yield. (more…)
Well, it took an entire trading day for my Facebook prediction to pan out beautifully. I’ve tinted the area where I put up the “short” post. Let the good times roll:
