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Well, if there’s one thing you can count on in this life, it’s the insatiable, pig-like greed of the American retail consumer, who spends their collective life endlessly acquiring goods to fill the gut-wrenching emptiness of their lost souls (as you will note, I didn’t make the cut as the spokesman for Consolidated Retailers of America). The XRT fund is breaking out of its triangle, suggesting that retail could be in for continued strength.
It’s getting tougher and tougher to find charts that I can present as interesting bullish plays with a straight face, but I managed to dig one up – Granite Construction, shown below. Honestly, though, the rest of my Bull Pen watch list is full of nothing but greater-fool-theorem hockey sticks. Yeah, they keep going up, but God knows where you’d set a stop on any of them.
On the FOMC stats I was looking at last week, of the four similar instances since the start of 2010, and of the three of those that topped in the next few days, one topped on the Monday afterwards, and the other two topped on the Tuesday. If we are to see that intraday high today my target range is in the 1965-70 area and that would respect resistance on the primary rising channel on my weekly chart below. SPX weekly chart: (more…)
