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Today was by far my best day of 2019, thanks to Trump urinating all over the faces of the Chinese. That’ll go over well, I’m sure. Anyway, now that the China/US bridge is burned beyond recognition, things are getting interesting again. Below I’ve marked some potential bounce levels for a few cash indexes. I am still very short – 75 glorious positions – but, for obvious reasons, paranoia courses through my veins, although at this point the man’s mucked it up so bad I’m not sure how he’s going to un-paint himself out of this corner. Anyway, I’ve said a few words in the caption area.
Most of us would agree that there are few industries as despicable as pharmaceuticals. Price-gouging, price-fixing, collusion, bribes, you name it. They try to put a halo around their heads in the name of “helping” people, but there’s no entity more devious.
Heartening, then, it was to see virtually every state in the U.S. join a federal lawsuit slamming generic pharma companies – – and their senior executives!!! – – for price fixing. As the general population begins to suffer in the years ahead, the “Revenge Society” is going to amplify and spread out. This is a taste of what is it come. I’d say TEVA is hosed at this point.
On Thursday before I wrote my post SPX went a few handles below the daily 3sd lower band, and as I’d generally expect we saw a strong rally from there. On Friday, somewhat to my surprise SPX again went a few handles below the daily 3sd lower band, and we then saw an even stronger rally off that low. This morning, with the daily 3sd lower band currently at 2816, the current low of the day is a few handles lower and we’re probably going to see another rally, though it’s hard to say whether it will be as strong as the others.