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I didn’t get to the post in RTH today, so I thought I’d do something different today and have a close look at NDX (Nasdaq 100). This is worth doing as there can be little doubt which index has been driving the bull bus in recent months, so I’ve been looking it carefully and am taking the opportunity to share what I’m seeing there tonight, with my normal mainly SPX-centric view back for tomorrow’s post.
The shorter term setup here is a rising channel from the April low within a larger rising channel from the November ’16 lows. The two channel resistance trendlines are intersecting this week in the 5830 area and that is the obvious target for NDX this week.
In spite of a VIX scraping zero and a SPY that fell all of nine hundredths of a single percentage point, my lovingly-crafted portfolio had a good day. I gained 1.6% on the day with my entirely short portfolio, and my “ETF Only” portfolio hit a lifetime high in value. It comprises a mere three instruments: DRIP, ERY, and FAZ. Those are all triple-leveraged.
Those energy ETFs are particular favorites of mine. Here is one of them, which is about to reach escape velocity away from its cup with handle pattern:
Good morning, everyone. These three-day weekends always mess me up, because I’m going to spend all day thinking today is Monday, tomorrow is Tuesday, and so forth. It’s kind of like jet lag, except on a daily basis.
In any case, I’m excited about the trading day. I’ve got 48 short positions, and many dozens more I plan to enter. Crude oil is especially encouraging………..
A few of you wrote me over the weekend to mention a tiny, obscure, completely unimportant bug in SlopeCharts which was that the price bars were invisible (ahem). This was affecting some new users, and we managed to track down and zap the bug on Memorial Day, so it’s all better now.
I say this because I know from experience if one person writes about a problem, there are 50 others who didn’t bother. Thus, for those of you who experienced trouble with the charts, please give ’em another try, because the super-deluxe feature of the price bars actually showing up is now functioning. (Although I confess I was considering making it a PLUS-only membership privilege).