As we await another Jawbone Recovery to play itself out…….
…..I thought I’d point out one of my best shorts, which is Sotheby’s (symbol BID). This is a curious creature, because obviously the organization caters to the richest of the rich. When money is gushing, crazy auctions thrive. When times are hard, the last thing anyone wants, even a rich person, is some piece of “art” that costs nine figures.
As a chartist, I like the fact that the stock is so capable of topping and falling. The next big test will be to see if it can break its ascending trendline.
As historians look back upon the madness of this gilded age, no doubt this clip will be shown: