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No, that’s not the secret. Everyone knows that. The secret I am referring to is a company named, literally, Secret. And the existence of this company, as well as the easy $6 million its co-founders pocketed when they shuttered the place, is absolutely symptomatic of this bubble-of-bubbles we are living in (the third one of the past fifteen years, incredibly).
I didn’t even know Secret existed, because I’m too old to spend my time worrying about every new little app that comes along that lets teenagers engage in cyber-bullying and exchange dick pics. It’s just not my cup of tea. But I happened to stumble across this article yesterday, which was headlined:
Now a startup shutting down isn’t any bigger news than someone finishing a satisfying lunch somewhere, but the “Ferrari” mention intrigued me, so I read further.
The markets haven’t been behaving quite as I expected the last couple of days, and I’m wondering whether the spring high might already be in. If so we might well find that out today.
Bulls want to get this back over the 50 hour MA into the next move up, either directly from here or ideally from a test of rising channel support, now in the 2088-90 area. If they can’t hold that support then the uptrend is called into very serious question. Triangle support is now in the 2060 area but main support is at the double top support low at 2039.69. On a break below the spring high was most likely made at 2125.92. Until we see a break below rising channel support at 2088-90 though, the bulls still have the technical edge here. SPX 60min chart:
Since I’m pretty much “charted out” at this point, I’ll just leave you with this – – it’s quite fascinating. Take five minutes and watch this video about neuroscience and mind control. Cool stuff from TED!