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Seriously, who has time to check out all available sources of news these days? And, where do you start? Who do you trust for fair and accurate information?
Middle-class working folks are too busy trying to earn a living and create a healthy and balanced life for their families to worry about who is saying what and try to figure out who’s relaying true facts.
Just a quick post today as I’m not feeling well and my ability to multitask declines sharply when I’m feeling under the weather. I’ve mainly been calling the turns on the epic knife fight at 2150 today and if you aren’t following my twitter you’ll have missed that. I’m going to just use the SPX 5min chart today as it shows the short term inflection point here clearly. Price needs to pick the direction, this pattern favors the bulls 70/30 but bears could still break this down.
The pattern from the close before the election on SPX was a rising channel that broke down with a possible double top setup that had a higher risk that usual of developing into a bull flag because the second high was lower. With the intraday low today a perfect triangle has been established that in this context would normally be a bull pennant looking for a retest of the rally high. If bears can’t break triangle support and deliver the 30% option, that’s very likely exactly what this is. If we do see that rally high retest I’d be looking for that on Monday and would be expecting that to likely be the second high of a double top.
My around-the-clock attention to Slope is greatly to be curtailed about 90% tonight since (a) my right hand has pretty bad tendinitis (b) I’m at Tastytrade in Chicago. So you folks are pretty much on your own today. I’ll just put up this oh-my-God-precious-metals-suck chart. I hope my Slope Plus subscribers are happy with their miners positions!