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What a fantastic day! I have redeemed myself from my Monday debacle. Anyway….the overpriced, lame-o burrito maker has come full circle. Down almost FIFTY PERCENT in just ten weeks. Owners of Amazon and Netflix might want to keep this object lesson in mind.
Apologies for the late post today. I’m not feeling 100%. Still trying to shake an Xmas cold.
Another news break down on more bad news from China and I understand from twitter that North Korea are testing a hydrogen bong. Seems a bit high tech for NK but maybe that might mellow them out a bit so we’ll see. If they get the munchies then the lack of food there could become an even more serious issue of course. 🙂
New lows at the open this morning and bulls and bears have been fighting it out all morning so far. Currently bulls have been making the running but failed to sustain a break up. The key area I am watching is falling channel resistance on RUT and bulls have come close to testing that, but no cigar so far. RUT 15min chart:
So, here we go, the year 2016 started with a bang, but a reverse one: the market imploded (actually it started to go down 2 days before the end of the year) and now we may be starting to see what many Slopers have desired for a long time: a BEAR MARKET.
Is it finally going to happen? Probably yes, it’s overdue. We think 2016 has really a high chance to see at least a 20% correction, but you know as it goes with predictions, everyone make one and then in the end they are all very unreliable as it is hard to actually predict anything in the stock market, aside from framing statistical behaviors (e.g. price patterns) that seem to happen repeated times in history and thus are somehow “predictable”. That is what we do at Retracement Levels.
And why does Kass always feel the need to mention Gartman is his “friend” and “pal”? Is it to show that not everyone hates him?
