I’ve got June 2018 puts on XLP (Consumer Staples), so I follow it closely. After a hard break of its trendline, it’s recovered back to the now-broken line.
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A strong start to the week, and we’re likely to see at least some more upside, as the double bottom on RUT/TF that I was looking at on Friday has broken up with a target at a retest of the all time highs. I’m expecting that target to be hit. NQ is testing the trendline resistance I gave last week, and may break up to a higher one. ES is close to the 2700 test and on a break above I have a resistance trendline in the 2711 area. Intraday Video – Update on ES, NQ and TF:
For the insane among us, there’s still a pattern that looks bearish in this all-green market: take note of the similarity between the current topping pattern and the prior one:
Long Autodesk (ADSK)
In the spirit of “everything is going up anyway”, let’s take a look at General Electric, which is one of the few stocks which has actually had a rotten 2017. Take a look at the indicators basing and turning higher as the price collapse seems to have put the brakes on.
Having gone through the index charts this morning, I can only say one thing: there isn’t a single bearish thing I can say about any one of them. They just………..keep going………..up. There aren’t any topping patterns. There aren’t any particular demarcations to indicate a reversal. They simply keep ascending, irrespective of anything.
Is this my “capitulation”? Yeah, I guess so. And I’m going to take it a step further with my avatar. The pirate flag is being lowered. I’m going to return to a mentally-challenged kid in a wheelchair. It seems far more fitting. TIMMAY!
The equity markets seem to keep pretending that the tax cut bill is a big surprise, as with each trading day it gets “priced in” again. Last night’s trading was no exception: