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Greetings from Orange County; specifically, from Gate 18 at the John Wayne Airport. I have just completed a day watching one of my beloved children graduate, and I’m waiting to go home to my trio of dogs who are surely wondering where I’ve been all day.
The world-famous “Tim travels=markets plunge” folklore is still batting 1,000. Some here may recall that the last experiment we did in this respect, my wife and daughter were traveling, and we all wanted to see if this mystical power applied to family members or just me. It was quite clearly shown that, regrettably, I and only I possess this supernatural and as-yet unexplained potency. Perhaps it’s associated with abnormally large genitalia. The jury is still out.
Remember how red-hot the used car market was a year ago? Yeah, me too. The entire space has been laid waste. Take a look at Shift Technologies (SHFT) which proclaims itself to be “transforming the used car industry“. OK, boys. Whatever.
SPX has been consolidating for a few days now, and generally speaking a consolidation like this leans bullish. I gave the ideal target for this rally at the weekly middle band and that remains the case in my view. That is now in the 4294 area.