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The Dow Utilities ETF (symbol XLU) had an amazing 20%+ drop in a single month, but it has been bouncing lately. I wanted to point out that it is quite close to a failed trendline, which suggests it has little (or no) upside remaining.
If you are every curious what happens to one’s currency if you print (literally) quadrillions of yen and allow your central bank to take over the bond and equities markets………
Since I’m surrounded by bulls these days, I thought I’d share a couple of prospective long positions. The first is fallen angel Netflix (NFLX) which, should it push above its horizontal at $252, seems well-positioned for a potential gap-fill:
I’m an early riser, but I’m still on North Carolina time, so today I’m a super-early riser, so I might as well compose a post.
As you might guess, I feed myself a nice, healthy diet of confirmation bias in the form of various websites. Some sites, like CNBC, are naturally cheerleading the bulls nonstop, whereas the sites I tend to read, like ZeroHedge and Elliott Wave International, used to be more of the perma-bear stripe. Even those latter sites, however, have jumped fully on the bull wagon of late, with ZeroHedge in particular hawking 4100 as the S&P’s destiny.
I’m a dumb old bear, but I’m not a financial masochist, so I don’t just put my hands on my hips and take the abuse, which is why I raised cash early yesterday to about 25% of my account. I endeavor, however, to only eliminate positions that seem particularly vulnerable or whose patterns have failed. I do not think, not for one second, that 3500 was THE bottom for this bear market, and I am content to keep my bearish positions in place even in the face of a temporarily hostile environment and wait for yet another idiotic rally to blow over.
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