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The price action on WeWork (symbol WE) remains simply hideous. I mean, really, really ugly. Just dreadfully homely. Aesthetically displeasing. You may assign any negative adjectives to the price action that you choose. Just: YUCK.
Below is the founder of Palantir, which was created here in Palo Alto and actually took over Prophet’s old offices downtown. The chap shown is founder Alex Karp. Take a good look at his clothes, his visage, and his general demeanor. Every molecule seems to reek of arrogance. As a side note, the hapless rubes who bought into his PLTR stock are looking at 75% losses so far, with plenty more on the way, I suspect. Something about pride before the fall.
Quite a morning so far, right? My ceaseless declarations about crude oil are finally panning out marvelously. And as we look around, all the companies that should have NEVER gone public in the first place and on their way to zero. Like, oh, say, Robinhood……….
What do equity markets and Kim Kardashian have in common right now? They’re both trying to hammer out a meaningful bottom.
Well, FINALLY, thank GOD. We’ve got a completed pattern, Slopers! EFA bears, rejoice!
The type of very strong daily lower band ride that I was describing on Friday turned out to be exactly what we saw, so I’m taking a moment to look at that this morning as these happen on a regular basis, two to four times a year or so, and tend to behave in a very characteristic way.
Looking at the SPX daily chart below, with just the two and three standard deviation bands marked, you can see how the body of the daily candle for the last two days is roughly under the 2sd daily lower band. That is normal, though a little misleading as I was noting on Friday that these often find resistance very close to the daily lower band. It looks from the chart as though the high on Friday was well above the 2sd lower band, but that’s because the 2sd lower band declined from 4492 at the time of the high of the day, with that high just above at 4494, into 4468 at the close.
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