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Well, poo. Last month I was really loving this stock market, and now it’s being a royal pain in the ass again. This morning, it looked like we’d be ready to have a rocking day, what with the Microsoft news and the Fed heads talking down the idea of a September pause. But then, apropos of nothing, we have gone vomiting higher, and everywhere you look assets are screaming green once more.
As most of you know, SlopeCharts is the crown jewel of the Slope of Hope, and it is the only charting product I use. Let’s face it, though – – none of us are getting any younger, and sometimes the data line and the axis labels can be difficult to read.
Well, this morning is a disappointment so far. The surprise news from MIcrosoft briefly took the market down hard, but as I’m typing this, every single stock futures contract is in the green. Feh!
The real estate fund IYR is down, however, in spite of the rally, and it remains one of the cleanest topping patterns in ETF-land.
Good morning, everyone. These four-day weeks can really play with one’s head. I have to keep reminding myself today is Thursday, since my brain tends to anchor to the idea that First Day Trading=Monday.
Except for the nearly 100 point plunge we enjoyed early yesterday, the /ES has been stuck in a really dull 20 point trading range almost the entire time.
Preface: I don’t have anything different to say about the market in general, so I decided to share some charts of my favorite components of my Bear Pen (most of which I’m already short). Here is this portion:
