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The two big events on the horizon are (1) the Fed announcement next Wednesday and (2) the results of the farcical China/US trade talks, which don’t have a precise date or time but probably will have some kind of definitive outcome before October 15th. In the meanwhile, we’re just grinding things out.
What I’ve done is take a series of major index charts and grouped them into three categories, depending on their relationship with their own lifetime highs. Let’s check ’em out………….
After dropping my son off at the train this morning, I noticed a very cool-looking office in downtown Palo Alto called ascend.oi – – it was a typical downtown startup. One story, all glass front windows, expensive interior. As with almost every other startup in Palo Alto’s tiny downtown, they were basically using what had been a retail storefront as a high-tech office for their dozens of employees.
I was curious what they were about, so when I got home, I checked out their home page. Here is, I suppose, the dumbed-down mission statement front and center on their website:
Trade Talk Optimism has added nearly TWO THOUSAND POINTS to the Dow in just a few weeks. I just want to quietly point out that the last time we went through this charade, it was all about the magical date December 3rd. And that day marked to the millisecond the point when the market resumed its downtrend. Just sayin’.
Recently I stumbled upon some recent academic research in the form of this study which seeks to find out just how many day traders actually make money. I mean, let’s face it, there’s no shortage of come-ons on the Internet, in the form of videos………..
What an action-packed morning! The big event just took place, which is that Mario Draghi, in his fiscal swan song, pulled out every bazooka available for the European Central Bank. The Euro, already in a bear market going back for years, is falling yet again.