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With all the hoo-ha about Beyond Meat and its plunge, I’m pleased to report that I’m short something which is getting hit much, much worse. Indeed, it is the number one failure after hours: McDermott International (MDR), having had a third of its value blown away.
With the market at all-time highs, we are now approaching another Fed meeting. But, this one will likely provide us with a change in direction for rates, if you believe what most pundits are saying. In fact, there seems to be 100% certainty that the Fed will lower rates. Imagine that . . . the Fed is going to lower rates when the market is at its all-time highs. When was the last time this happened?
While many view a rate cut as being akin to the Fed “blessing” this market rally, history tells us a different story. What is most interesting is that the last time the Fed changed direction in rates near all-time highs was in 2007. And, when the Fed began to lower rates in 2007, it was just before the major stock market melt-down.
(more…)Boredom has seized the market. I can see it in the ES and NQ, which barely budged for most of the day. I can see it in the comments section, where the usual 100+ comments per post has been replaced with 20 to 30. People are falling asleep at their keyboards as we once again are in Pause mode, waiting for the {ferocious expletives redacted} Fed to do their Kabuki theatre show on Wednesday.
One glimmer of activity has been the story stock that everyone loves to hate, Beyond Meat. Who knows where it’ll wind up, but as I’m typing this, just a few minutes into their conference call, it’s definitely seeing some sinkage (although still insanely highly valued).
(more…)Perhaps you don’t know this, but Silver, Gold, and Diamond members get access to intraday charts in SlopeCharts that go back much, much farther in time than anywhere else (by intraday I mean that instead of one bar equally one day, you can get down to as fine as one bar equaling a single minute of time). I decided to play around with a few of these and share some thoughts.
First I compared the QQQ (in black, below) to the SPY (in blue). No big surprise here – – they tend to move in lockstep, and the QQQ has been outperforming the SPY, as is typical during a strong bull market.
Oil is both literally and figuratively the energy behind the world’s economy. Take a good look at what crude oil, natural gas, and energy exploration companies have been doing. You think maybe this sector is trying to tell us something about how the economy is doing that maybe Jerome Powell is unwilling to admit? Of course, being a preening, sycophantic toady can get in the way of being earnest.
