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This evening post is uncharacteristically late, because, as with all Tuesdays lately, I’ve been continuing to do the Audible, Inc. recording of my Panic, Prosperity, and Progress book. I’ve never done studio recordings before, but I think I missed my calling as voice talent. It’s fun, and I think my recorded voice sounds pretty good. For no particular reason, I think of myself as Rex Harrison.
So many ultrashort funds have turned the corner to the upside, it’s really quite surprising. One in particular is the triple-bearish-on-financials fund, shown below. It is exhibiting the same kind of pattern shared by so many other short funds: an emergence above a descending trendline that goes back for a long, long time. I’d certainly wait for prices to relax back down to the trendline, but before too long, these might be fantastic long positions.
I just wanted to throw out one ridiculous suggestion, since I remain stunned at how feeble these countertrend rallies are: what if the topping pattern is complete, and we have a left shoulder, a head……….and that’s it? In other words, what if the neckline is already reliably in place, and this pattern is a horrific genetic anomaly, causing women to turn their heads, children to shriek in horror, and men to take pictures and post them to Facebook? Consider it.
