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Greetings from the Centurion Lounge at San Francisco International Airport, where my beloved son and I are preparing to fly off to, yes, another fencing tournament. This place is good for my frail ego, since my kids have been dropping some broad hints about me putting on a few pounds, and seeing the spheres that inhabit this place makes me feel less pudgy. I guess the upper middle class traveling sort likes to chow down. But this little anecdote isn’t why you’re here. Let’s talk about a few charts.
I am, as you might guess, still utterly short. I have 43 positions, 40 of which are individual equities (largely in energy) and 3 simple ETFs. The ES has been banging around, going nowhere in particular, for two solid months now. The lines cleanly define the diminishing range, and gee willikers, I’d love to see us break the lower boundary. I’m traveling, so that can only help, at least for Friday.
Well, since Gene Scott was such a hit here on Slope (ahem…….) I managed to find a rusty old copy of the song he would always play to make people call in and give him money. He made no secret of it. On this very clip, he refers to viewers as being like “Pavlov’s dog” who would remit their cash upon any hearing of “I Wanna Know.”
I had a very busy day yesterday and didn’t manage to get a post out. Hopefully some of you caught my premarket tweet which captured the day nicely:
So what about those lower lows, which we haven’t seen yet? We the pattern setup is clear enough, with a small rising wedge that formed from the 2328.95 low and has broken down with a minimum target at a retest of 2328.95. To get there however the possible triangle support would have to break, and that’s at 2331 and hasn’t broken yet. While that triangle support holds SPX may still be returning to triangle resistance, currently in the 2371-3 area. On a break below that triangle support the downside opens up, and SPX can go considerably lower.
Forget about the FANGs, it all about the FAAMG stocks. Most traders & investors are familiar with the term the ‘FANG’ stocks, an acronym for the high-performing tech stocks Facebook, Amazon, Netflix and Google. Why Netflix, with a market cap of only $60.15B is included instead of the much larger Microsoft (MSFT), which not only has a market cap over over 8x that of NFLX (502.6B) but is also one of the best performing & top-heavy components of the leading index, the Nasdaq 100 as well as one of the top components of the S%P 500 Index? I guess the word ‘FANGs’ has a cool ring to it when spewed out by the financial media or something along those lines.