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I think there should be something called “The Amazon Effect“, which is a delusion much of the public holds that, if only they could get onto some hot new IPO, they could make the fortune they should have made if they had bought AMZN when it came out. Thus, we get stuff like this from the Spring:
Well, I most certainly do not “love, love, love” THIS kind of action. Since the government won’t permit more than a few days of selling, we were hit with some vague headline about maybe tariffs weren’t going to be smacked in China’s face (backpedaling, once again) which is all this oversold market needed to hear. Typically, markets rise slowly and fall quickly. Over the past week, it has been the exact opposite.
Not that anyone should care – – particularly the market gods above – – but this is exactly, exactly, exactly the kind of market I love the most. Specifically, one which is slowly but surely grinding its way lower, breaking trendline after trendline. Nothing dramatic. Nothing so newsworthy that it gets government intervention. Just………bleeding.
The following 1-year daily charts of major world markets show that some of them have broken below their mid-year lows, while others are close to a retest.
SlopeCharts is the best in what it does in so many different areas, but one that is often overlooked is its FOREX charts. Due to recent events, I’ve been very focused on the Chinese Yuan. If you go to the supposedly great thinkorswim platform, it’ll just stare at you stupidly if you type in the symbol (and this is a company that was bought for two-thirds of a billion dollars). With sweet little SlopeCharts, however, bang, it’s there instantly.
I was reminded of this because there’s a lot of chatter about the collapse of the Argentinian Peso. I was curious about this, so I zipped over to SlopeCharts and, God bless it, the chart came up beautifully.
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