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Hopefully, you’ll recall that SlopeCharts has a cool new feature called Event Markers. I decided to show recent activity on the SPY with some relevant events this week. The one is Tuesday morning’s “all eyes will be on…..…” CPI Report. Three reports ago, it tanked the market. Two reports ago, it started the market on an explosive rally. And the last report, it popped the market for two days and then it rolled over, thanks to Bear Force One.
I look at a lot of financial sites, and if there’s one universal theme out there it is this: The Market Is Going Higher, 100% Guaranteed. The financial airwaves are positively flooded with this notion. Even ZeroHedge, which used to be a fairly bearish site, is ga-ga about buying stocks (slavishly following the advice of Goldman Sachs, of all things) and, incredibly, buying Bitcoin. It’s a pretty eye-popping sea-change.
What you’ll also read a lot is that All Eyes Are On Tuesday’s CPI, which is understandable. After all, two months ago, the CPI surprise led the equity market lower, although one month ago, inflation surprised to the downside, so stocks strengthened. The expert consensus is that prices are DROPPING. I’m not sure what planet these people are on, but OK, there ya go. We’ll know soon.
As we reflect on this horrible day. I will, as usual, refrain from writing what I REALLY want to write and merely suggest- – let us remember the monumentally brave and heroic individuals on United 93 who gave everything they had to try to save themselves from these monsters.
I’m not doing this trade myself, but I thought I’d throw it open to the group, since I find the ETF symbol XLU (Dow Utilities) to be quite interesting, particularly considering it is right at lifetime highs, which isn’t something you can say about hardly anything else these days.
Hoo boy. The “United” States reveals itself yet again.
It all started this morning when, at 4:45 a.m., the power to my house failed. I know this because I had been awake a while, having never really synched back to west coast time after my Bear Force One trip to North Carolina. Since I shell out over $1,000/month on utilities, and Palo Alto has been losing its power a lot lately, I sent out this bitchy tweet:
