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Well, if there were any equity bears left on the planet at all this morning, they are surely deceased by now. At long last, the Fed announced tapering, and – – perversely, considering how bond purchases are 100% responsible for every tick the market moves – – the market exploded to lifetime highs across the board.
Not that there are any bears left who need to grasp a reed of hope, but I present to you the fact that the “push to the broken wedge analog” is still intact. Of course, it can remain intact in perpetuity while the market makes new lifetime highs every day. That’s the nature of ascending trendlines.
Even on a day like this!! It’s remarkable. Since its NYSE offering, the garbage stock WeWork has fallen every single day. If only the entire market could do this kind of magic! What words spring to mind? Hideous. Ugly. Aesthetically unappealing. Gross. I’ll have a post about the Fed-gasm later today. Gotta catch up. Watch out for those teeth; it looks like she bites!
One of today’s train wrecks is Zillow (symbol Z) which I only found out recently decided that no one knew more about real estate data than they did, so they would become the world’s biggest house-flippers. Well, that’s not working out so great. It would be like taking Slope and turning it into a hedge fund, based on its access to data.
I always like to look at where stocks like this peaked, to see if there was any clue. The top price was only nine months ago, back on February 16th, when it peaked at $208.11. Well, it has lost about TWO THIRDS of its market cap in that span of time, and this shooting star was the ringing bell marking the top:
I have been perusing the financial MSM over the past few days and beyond all the usual hyperbole and guesswork as to what the Fed may or may not decide to do there is one thing they all share in common: A total lack of consideration or care as to the long term implications of an exploding Fed balance sheet and an inability or unwillingness to draw correlations to the massive jump in inflation that consumers in and outside of the U.S. are increasingly experiencing. So basically, business as usual!
Happy FOMC Day, everyone. The penultimate one! I wanted to point out a couple of stocks doing interesting things this morning. The first one is Tupperware (TUP), an oft-mentioned short candidate which has spent weeks going nowhere. Well finally this morning we get a good ,hard tumble, and the prospect of breaking important support (and finishing a huge pattern) is much improved.