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When I looked a few weeks ago at the stat for the first five days of the year I found that the correlation with the yearly close there was essentially random, so I was wondering when I had a look at the full January Barometer stat whether I would find the same but was pleasantly surprised when I did not.
The numbers I was looking were from 1950 to the present, so that’s a good statistical sample, and in that time 72.86% of years closed green, and 27.14% of years closed red, with 61.43% of Januaries closing green in that time and 38.57% of them closing red.
Virus? What virus? The entire “Corona” scare from last week is long gone, as we hit lifetime highs on many indexes today, and slapped about 1200 points on the Dow. Central Bankers of the world get all the credit.
Of most interest to me today were two auto stocks. First was Ford, which I was (and still am) short. What’s freaky is how the stock traded today. It looks like a caterpillar on the screen. Just a flat, black line. Freaky! I can’t remember ever seeing a major stock act so………..stuck.
Just to mix things up, here’s a sincere long idea (with the caveat that this stock obviously is quite young and has very little history behind it). The company is Smile Direct Club, and the symbol is SDC.
Since the fun of plunging markets has abated for now, time for a little object lesson about follow through in stocks. Below is a chart of Qudian (symbol QD) with the more recent history removed. At the time, I pointed it out as an intriguing long possibility. Its pattern completed, and the volume strengthened during the breakout. Both good signs.