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UNRELATED NOTE: I did a podcast interview last week which you can listen to here. The sound quality isn’t so hot (this was over the phone), but if you just can’t get enough of me yammering on about bubbles, you can enjoy it!
One of the ironies of “good times” like these (that is, when the market just keeps melting, in spite of the enfeebled efforts of the you-know-who crowd) I don’t have much in the way of ideas or suggestions. My “ideas” are essentially: (more…)
SPX followed through to the downside yesterday and we have now seen the opposite of the many V shaped recoveries that we have watched on SPX over the last two years. It has been a while since we have seen one of those. SPX closed back under the daily lower band, confirming the end of the rally. SPX still needs to break under last week’s low at 1926, and under that I have the 38.2% fib retracement of the 2014 rising wedge at 1912, and both main double-top support and the 200 DMA at 1904. For the full retracement scenario back under 1800, that 1904 level is the important level that must be broken. SPX daily chart:
