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It isn’t every day that you can take a gargantuan, relatively ancient company like Boeing and see it appreciate over 50% in the span of a single trading day, but that’s the kind of bananas market we are in right now. From $90 yesterday to $140 as I’m typing this. Normally, for Boeing, a 50% gain would be fantastic over a three year period. Not less than 24 hours.
As we blast higher to emerge from the 12,000 point $INDU selloff, let’s just drink in, if for nothing else but prurient curiosity, some of the worst drops of the short ideas I had earlier this year.
He’s at it again. I want to thank my new friend TXTine for pinging me, which inspired me to DUMP all my longs at great profits and become pure, unadulterated Tim-bear once more, just the way you like me. Incidentally, some of these positions are smaller than Powell’s genitalia. I just like the charts. So my entire portfolio is only 28% committed. It’s not like I’ve lost my mind or anything.
Should the SPX rally on Tuesday and beyond, the potential Fibonacci retracement targets taken from February’s high to Monday’s low are shown on the following monthly chart.
A drop and hold below the low could spark a catastrophic selloff to longer-term Fib retracement levels at 2030, or even 1700.
Note that there is a convergence zone of Fib levels and a trendline apex from 2650 to 2790, say 2750ish, making it an attractive eventual target for buyers in this extremely large 1200-point trading range.
