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Greetings from – where else? – the Las Vegas Centurion Lounge, where I’m enjoying butternut squash soup, pecan rice, and Brussels sprouts. One of my beloved children just declared to me, without prompting, “I don’t like it here (that is, Las Vegas). It goes against everything I stand for.” So……..no paternity test needed.
Anyway. Back on February 1st, I did a post called A Fool and His Money, which was a fairly epic post, partly about a chap who called himself “Yolowolf” who ostensibly lost a $2.5 million inheritance with really horrible “trading.” If you haven’t read the post, please do, as it’s quite good.
The short term rising wedge on SPX either overthrew yesterday or widened into a small rising channel, but the big news on the hourly chart was that the high established a perfect overall rising channel for this move from early December. The AM high today was a slight break below short term rising channel support and on a conviction break below the next obvious target would be larger rising channel support, currently in the 2285 area. I do like a retest and marginal new high from here, that would set up possible 60min sell signals and get SPX a little closer to my 100% fib extension target at 2356/7. It would also give AMZN and TSLA a chance to do the ATH retests that may be required for a swing high here on NDX/NQ. SPX 60min chart:
The fact that people are electing to exchange cash for equity at these levels boggles my tiny brain. I am long ERY (triple-bearish energy), long SDS (ultra-short S&P) and have 30 individual short positions. Come and get me!