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More controversial opinions, designed to piss off every bull. First, retail has broken its channel. I was bragging about my brilliant bear call from the tippy-top of the channel but apparently the comically-overvalued market is starting to dawn on even non-Slope readers, so channels like this are getting shattered.
Remember Lemonade? The company that, at the start of this year, was WORTH MORE THAN IBM? Yeah, that Lemonade. The company none of us have heard of. Let’s just say it’s not longer worth more than IBM. Or the Slope of Hope, for that matter.
I’ve made this point before, but it bears repeating: I’m sitting tight with ALL my positions, in spite of all these huge “up” days we’ve been stomaching, simply because the patterns have all the marks of major, important tops. Taking Discover Financial Services as an example, the reversal pattern as gorgeous as Rachel. The dip we’ve seen so far, in spite of it throwing off a nice triple-digit gain on my put options, is Pee Wee compared to the potential. Thus, I’m not BUDGING.
Good morning, everyone, and Happy Friday to you. Well, the monthly jobs report came in, and it was utterly tepid. See that red arrow? (I sure hope so). That’s the spread between expectations (the gold line) and reality (the blue bar). You’ll notice there are quite a few of those lately. Simply stated, there were vastly fewer jobs created than expected.
