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I used to be a huge fan of analogs. So much so that I dedicated an entire section of SocialTrade to them. There are at least two huge problems with analogs, however:
I gotta tell ya, it’s a figurative as well as literal pain in the butt to try to manage a zillion positions from a tiny laptop with a whisper-thin Internet connection from seven miles above the Earth……..but I’m managing.
Below is a short I just entered: the MSCI EAFE ETF symbol EFA, with a stop-loss at 67.00:
Greetings from the tarmac of the John Glenn International (!) Airport, as I await departure from Columbus back to my beloved Palo Alto. Today will be a shortened trading day, which is a little ironic, since my own availability is about to return to normal (although I have already dedicated my copious time to various home and Slope projects that await me).
As I am typing this, it is more than two hours until the opening bell, but it’s green across the screen. The ES continues to march higher above the breakout I’ve tinted below. The psychologically-satisfying level of 3,000 is just within reach on the S&P 500, although judging from the chart, we’re definitely starting to lose momentum. The explosive surge from a month ago has given way to more moderate, incremental lifts.
(more…)There is some after-hours excitement regarding Tesla, with the stock up about 8% or so, prompted by strong car delivery figures. I wanted to offer a couple of alternate viewpoints on the same chart.
The first, a bearish one, shows the absolute mountain of overhead supply. Even taking into account the rise after hours (which SlopeCharts has done for us below), all we’re doing is crawling back up to the failure point.
OK, Tim, what’s with the title? Simple: in spite of the firehose of bullish news prior to Monday’s open, there were…………....no important breakouts! Sure, the market was up, but considering they pulled out all the stops, it’s worth noting the charts that follow:
