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Quite a ride today, eh? I wanted to point out the Dow Transports have retraced to their trendline, which is support at the moment. This snapshot below was taken before the brief drop today, but the push to the downside was modest. Simply stated, this line represents support until such time as it is clearly violated and closed beneath.
Now that there’s going to be no trade deal (like I’ve been saying for years now……..) this post is a little more “iffy”, but I’ll throw it out there anyway. Specifically, gold’s breakdown from its triangle pattern (although, to be clear, it is strengthening now that this latest failure is news).
One of my short positions, DCP Midstream, had an important support failure yesterday. I intend to hang on to this until its full analogous plunge has a chance to express itself.
Haven’t heard much about the trade talks lately, have we? Maybe Kudlow is busy in the bathroom, powdering his nose. More likely, though, the fact that our Congress did the first decent thing in recent memory by showing its support of the Hong Kong students has concerned some people that the comical farce known as the China/US trade talks isn’t going to smile upon such a message.
