Long Builders FirstSource (BLDR)
Slope of Hope Blog Posts
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Those who don’t like my writing style may already call me boring (or worse), but as far as stock holdings go I willingly take on that description. If you’re looking for words about yesterday’s FOMC meeting, you won’t find them here. There are plenty of people picking that thing apart and trying to make chicken salad (news) out of chicken shit (a non-event).
I am not going to go on about the precious metals’ big rip yesterday because that is for casino patrons to get excited about. I’ve expected the sector to bounce from oversold conditions. When it takes out real upside parameters (that NFTRH will surely manage) we’ll amp up the hysterics (not really).
The stock market? It’s scenarios are Thing 1 and Thing 2. The 1st Thing is to resume upward now and bring on the climactic suck in sooner rather than later. The 2nd Thing is the healthier one, where the market corrects now and makes new highs and sucks ’em in later. I’ve favored Thing 2, but now it is time to watch short-term events and do what the market says. Okay, before I get off track, on to the boring stuff…
The bull flag channels broke up on both SPX and ES, and the obvious next target is a retest of the ATH on both. As long as wedge support holds, currently at 2365, then my working assumption is that, after an inside day today, an ATH retest is next, with a possible target above at wedge resistance, currently in the 2417 area. First support is at the 50 hour MA, currently at 2370/1. SPX 60min chart:
High yield seems pretty much doomed……
Yesterday morning, I covered my short in SNAP for about a 9% profit in just a few days. I called it a “goofy trade”. However, my contempt for the stock is so great that I’ve jumped right back in again. It’s a small position, and my stop is 21.41.
Yesterday, I went into the Palo Alto Whole Foods to pick up a few items for dinner. The checkout lines were surprisingly short, so I went to a line with just one guy buying some groceries. After a couple of moments, I took in the scene: the young woman running his items over the scanner was being completely ignored by the customer, who was engaged in a cell phone conversation.
I would guess he was in his early to mid 20s, and he acted like the woman didn’t exist. One by one, she priced the items, and once she was done, he shoved his credit card into the machine, took the bag, and left without a single word.