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Well, since the market was at the highest point in human history just yesterday, it would seem that the bulls are surely due for some kind for relief since they had to endure several hours of selling. It would seem to me one reasonable candidate for a bounce would be tech stocks, since the NASDAQ has, once again, found support at the supporting trendline of its ascending channel:
Remember Rivian? The car company that had sold ZERO production vehicles and had a market cap greater than VOLKSWAGEN? That Rivian? Yeah, that one. They’ve lost 50% of their value in the past seven weeks. It’s probably still overpriced by the formula (PRESENT MARKET CAP) minus (100 hundred U.S. dollars). New lifetime lows. Lots more coming. Here is RIVN presently:
Good morning, everyone. After the excitement of yesterday, it’s nice to wake up to a relatively calm market. I always find it amusing that investment banks claim to pay top dollar to get their microwave transmission towers a few milliseconds closer to market data so they can have some kind of “edge”, when as days like yesterday prove, it takes a LONG time for the investing world to wake up to the significance of any given news. It’s not like the Fed minutes came out and the ES was instantly down 71 points. It actually went UP after the initial release! So the microwave towers thing is a joke.
Anyway, the key thing from yesterday is that bears once again have been given the proverbial ball. In other words, we have switched from defense to offense. And, as always, I hope to be as offensive as possible. The counter-strike from the bulls at this point will be in the form of the small pattern below. I actually hope they succeed in mounting an attack, since it’ll let me short from better prices closer to that wall of resistance above. I’m in 21 bearish positions, but I wouldn’t mind being in about 6 more.
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