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Thousands of points added to the Dow. LIFETIME highs on major indexes, such as the Russell 2000. Peace in North Korea. No trade wars. Infinite buybacks. Infinite QE. It’s all good, right?
Yeah, maybe. But I at least wanted to point out what the CCI is doing (and what it has done in the past) with respect to the NASDAQ……….
As a younger man, I truly believed that those individuals who didn’t have the drive and intellect to hack it in the world of free enterprise were relegated to low-paying, boring jobs in government. Whether city, state, or federal, I figured the dullest among us would wind up with a direct-deposit paycheck from some bureaucracy and just slum their lives away with a steady diet of paperwork, fast food, and watching tee-vee at night.
How wrong I was! The City of Palo Alto makes clear that it’s ME who is the moron and the clerks in city hall that are banking coin! What a fool I was.
And I know we’re all supposed to get misty-eyed at these “civil servants”, especially police officers and firefighters, who hang out at the station house risk their lives every day on our behalf, but I’m sorry, when a fuckin’ firefighter is getting a third of a million bucks a year, the world’s gone wrong.
After last week’s breakout in small caps, they keep on keeping on (and the moving averages never even threatened a reversal, even through all the mayhem earlier this year):
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I was concerned on Thursday that SPX would fail to do the obvious second leg down on the likely overall bull flag forming here, and in all likelihood SPX has now broken up from that bull flag. Confirmation that SPX is going up directly comes on a fill of the open island top gap from the mid-March high at 2752.01.
I’m leaning against another leg down here but if the bears are going to have (yet) another try at that, then first support is at the ES weekly pivot 2718.25 (same area on SPX), then a break of rising support from the mid-May low, now in the 2712 ES area. (more…)
