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Let’s assume that, in some form or fashion, the general “conspiracy theory” (as it were) about the stock market is correct. Let’s assume that the powers that be recognize that a persistent, widespread wealth effect is the only way to keep people calm, and keep themselves in power. Let’s further assume that, in their hearts, the instigators don’t (and can’t) really know where this is all going, but they’re hoping it will all work out. In the words of George Carlin, they are counting on the American Okey-Doke. (more…)
Last night, just by chance, I saw a SocialTrade user named Mike1981 put up a stock chart of CBOE, which I wasn’t even following. It’s a beautiful head and shoulders pattern. I shorted it this morning. Thanks, Mike!
After a six day band ride SPX fell away slightly from the daily upper band yesterday, though it didn’t fall far, and the promising bearish look of the open faded swiftly. It is still possible that the band ride could continue another day or two, but if so we would need to see SPX return to upper band resistance today, and that would be in the 1932-6 area. It’s more likely however that we will see more retracement or consolidation over the next day or two. SPX daily chart: