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I honestly have zilch and zip to say about stocks right now. Wednesday was a nothing day, and the laughable news that the U.S. is going to give China until 2025 to comply with any kind of trade “deal” is apparently a non-event (the ES and NQ are actually both slightly up as I am typing this). So let me just say a word or two about a couple of crypto charts, since those are in the news.
Bitcoin Cash has been on a crazy tear, but I’d like to point out the descending trendline. It might wind up in two or three weeks for another run to smash through it, but at the moment it seems plausible to me BCH will have some sellers taking profits at these levels.
Using the intraday charts in SlopeCharts provides an interesting perspective as to how radically different subsets of the market are, even within the consistent confines of the Unites States. Regardez s’il vous plait:
There are a lot of things I like about ZeroHedge (I read it multiple times a day), but I’ve got a few gripes. First, their comments section, as some of you know, is a brutal cesspool. Second, on occasions when there are data spikes in a feed (thus producing a corresponding huge spike in a chart), they will write up a “WTF??” article about it as if it was real, even though it isn’t.
But perhaps what bugs me most of all is this kind of thing:
Take a look at the following charts of the SPX:VIX ratio. Appearing in order,
each candle on the first chart represents a period of one year,
each candle on the next represents a period of one quarter,
each candle on the next represents a period of one month, and
each candle on the last represents a period of one day.
For the third day in a row, price closed on Tuesday above what I’ve called the 200 “New Bull Market” level since it first broke through during the first week in 2017. It still has a way to go before it runs into the 250-280 “Bull Froth Zone,” where we’ve seen traders/investors spike the price first, then take profits in the SPX since then, beginning in May 2017.