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It’s Monday afternoon, and given the blasé non-event that Monday’s trading represented, I have precious little to say about the markets. At the risk of proving that point, I’d like to make a remark about each of the six ETF charts below, beneath which I’ve caption a certain circumstance that would help the bearish cause. The more of these that are obeyed, the better it’s going to be for the ursine set.
Obviously we’re past the really interesting and exciting part of the earnings season, so now the biggest companies we have to anticipate are junk like Zoom Communications (which is this evening). One larger firm that is reporting soon, however, is Target (TGT) whose earnings come out in the morning. You can see it had a gargantuan gap many months ago, and it’s been banging around beneath it ever since. It’s rather close to the top of its multi-month range right now.
I took the screen shot earlier in the day to illustrate how much pushing and shoving was happening with respect to the ceaselessly-mentioned broken trendline. Moments after I took this screen shot, the /ES shot up at 15 points, and as I am typing these words, it’s being drawn back toward the gravitational pull of that line once more. This sucker needs resolution!
For about a week, the ETF symbol XOP, which represents the oil and sector, has been quite strong. Today is just about perfectly sealed its price gap. As a person with a variety of puts on energy stocks (including, as of today, XOP itself) I’d prefer this ticker not go above 136.45
