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You probably remember a couple of years ago the funny memes that came out regarding how expensive lumber was. Well, not so much anymore. The /LB futures are falling hard (as I suspect, ultimately, high-flying crazy stuff like wheat will, and crude oil, for that matter).
As gas prices here in the Bay Area approach $7 per gallon, it is clear that energy is at record high levels. Here we see my entire history of the continuous contract for crude oil:
So I’m just curious. Not that I’ve lost any money on these destroyed stocks like Peloton and Carvana, but – – where are the massive lawsuits? Where are the bloodthirsty lawyers? I mean, I’m not fan of lawyers (unless they’re on my side, of course), but I say, bring ’em on and go nuts. Because all these insiders dumped ALL their stock at the peak and left the doe-eyed public with 97% wipeouts.
I want to show you something exceptionally cool.
Please observe the /ES action last night. Kindly take note of the breakout I’ve marked in red. This is the bullish breakout. This is where equity bulls – – a group, remember, a couple of notches beneath child pornographers – – figures they are going to run off with the market is a glorious Powell-worshipping blaze of glory. Those guys. Further, note how the breakout failed.
I was disappointed to see SPX close well below the main support and resistance trendline on Friday (Editor’s Note: Why? Why on Earth?) . This has only happened twice since the start of 2009, and on both occasions SPX followed through the break with force. Two instances is somewhat less than a statistically significant sample, but further downside is now undoubtedly open, even if the bull flag setups on many indices, sector ETFs and stocks are still intact.
SPX weekly chart:
