Over the past eighteen months, the market has been absolutely flooded with money. In 2018, U.S. companies poured well over $1.1 trillion into buying back their own stock. In 2019, they’re doing the same thing, but at an even faster pace. Central bankers around the world have managed, intervened, and blasted a firehose of cash any time the market dared descend a tenth of a percent. And a hapless public has, of course, been gobbling up everything from Pinterest to Beyond Meat.(more…)
Slope of Hope Blog Posts
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Two China stocks are among our top charts to watch today.
Qudian Inc. (QD) gained 38 cents to $7.71 on heavy volume of 8.7 million shares Tuesday. The move came on no news from the provider of online consumer credit products in China. The stock recently pulled back from its April high near $8.80 to test rising channel support near $6, and has since formed a sideways wedge, which it broke out of on Tuesday. A move through resistance at around $7.75 could take the stock to the May highs near $8.50 next.(more…)
One of my most consistent performers is Micron, which has a tendency to form well-formed rounded tops and bottoms.(more…)
The quotes are pleasantly red this morning – -ES down, NQ down, YM down – but one in particular is getting zapped particularly hard, and that is CL, crude oil, which is down nearly 3%. The /CL contract shows that, after a modest reversal pattern (tinted) oil has been steadily weakening.(more…)