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Long-time Sloper LZ wrote me again tonight with some interesting charts, prompted by the fact that today’s volume the SPY was literally the lowest of the entire year. (And it isn’t because it’s a holiday – – not even one as awesome as Juneteenth!) Here we can see that, over the course of this bear market, super-low volume has tended to be linked to market tops, or at least extremely close to market tops:
Those of you who use the real estate site zillow.com may know that you can “save” your real estate properties and track them over time. Our family has a number of apartment buildings, but those valuations are hard to pin down and thus not on Zillow. Our homes, however, are, and it’s interesting to see the changes that have taken place recently.
The most dramatic one is in my fair city of Palo Alto. Ostensibly, home sweet home has wildly swung between $6 million and $9 million, even over recent history. I personally find it hard to believe that the swings are anything this crazy, and maybe that’s why Zillow got totally torched with their own real estate portfolio, since the data is kind of spasmodic. Since we’ve lived here for over thirty years, and bought the place dirt cheap, I don’t really care, but those who bought at the top – – God help ’em.
(more…)Unless you’ve been hiding under a rock the past week, you have heard of the insanity going on with AMTD Digital. At first I thought it had to do with Ameritrade, since AMTD used to be their symbol, but AMTD Digital is some weird-ass small business that came public only a couple of weeks ago and basically did nothing. It ambled around $1.50 and $2.00 for its early days as a public entity.
In my last post on Tuesday I was talking about ideally seeing a higher high on this rally to set up divergence and we have since seen that on SPX, NDX and IWM. That has set possible daily RSI 5 and hourly RSI 14 sell signals brewing on SPX and brought SPX closer to the ideal IHS area at the June high at 4177.
The distance from the SPX 45dma reached a nosebleed level at 6.19% though that doesn’t mean as much after a strong bear move. Still a very good place to be looking for a retracement though.
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