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Have I mentioned he gets paid $5 million a year for this kind of advice?
This actually understates the drop, since I took the screen shot last night; as I’m typing this, the stock’s price is about ONE TENTH his “we like” level. What a clown.
In my posts last week I was talking about my post of 6th August 2021 when I was looking at the possibility that there would be a retracement this year to backtest a major broken resistance trendline on SPX, and the possible very bullish setup that a good retest would partially confirm, and I looked at that in more detail in my last post.
The trendline is the main resistance trendline on SPX on SPX from the low in 2009, shown on the chart below, and it was and is a really good trendline. The start was at the 2009 low, with touches at the lows in 2010, and highs in 2011, 2012, 2013, 2014, 2017, 2018 and 2020. It was so strong that I was expecting it to hold indefinitely until it broke in the wild move up after the 2020 low. This is the trendline I was looking to be backtested, and SPX delivered a visual hit of that trendline at the low yesterday, as you can see on the monthly chart below.
(more…)Quite a bounce this morning, eh? I’m not worried. Just waiting.
I stayed in bed for this one, folks.
Don’t let my suave demeanor fool you. As you well know, I am massively, massively, massively short this market, and having a binary event like the CPI come out had my heart racing. I literally pulled the covers up, gripped the iPhone, and let my three dogs surround me to guard my spirit.
Let’s just say it worked out……….
