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Slope of Hope Blog Posts
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Not only did the Nasdaq Composite make a new all-time high as it exceeded 6000 by mid-day today (Tuesday, April 25), but it did so on record-high momentum, as shown on the following Monthly chart.
I was saying yesterday morning that bulls wanted to hold 2368/9 on the backtest to go higher. The low of the day was 2369.19 and here we are. Short term though there is some formidable resistance at the daily 3sd (three standard deviations away from the middle band) upper band at 2394. Breaks over this level are rare, and an actual retest of the high will likely need to wait until tomorrow, when the 3sd upper band will be higher. SPX daily chart:
My bearishness toward energy has been chilling quite a bit lately. As I mentioned, I sold my ERY long position on Friday (at a nice profit), and I’ve been reducing the quantity of my energy shorts. It’s kind of a shame, since this was sort of the last bastion of bearishness, but crude seems to be forming a hammer on its front month, and tomorrow morning’s inventory report might provide a relief rally, so I’d rather not be short the sector.
Everywhere you look – – green, green, green, lifetime highs, soaring charts, with one notable exception. Volatility, of course! The fear index $VIX has, in just 1.5 years, collapsed from 53.29 to almost the single digits. Indeed, there is only ONE time in the past decade it’s been even a little bit lower, and that was back on January 27th. This is about as low as it goes, folks.
I just whipped this up, showing the timespan between 1,000 point increments on the NASDAQ Composite index. As you can see, there was a 17 year drought until it got another notch on its belt. Buy AMZN, AAPL, NFLX, and FB while they are cheap, everyone!