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The company Palantir (symbol PLTR) has tripled in price since December (since, as you know, the GDP has tripled since then). During the ascent, I’ve mentioned on my tastylive show that the first point of meaningful resistance would be the horizontal line defining the base of its right triangle top. It banged on it today and immediately reversed. This has a path lower toward the horizontal line constituting its bullish base now.
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“Good” morning, everyone. Time to do a catch-up on this house of mirrors.
The small caps, driven largely by strength in regional banks yesterday, has augmented its melt-up yesterday. It drifted steadily for many hours and is now gently pushing to another multi-month high.
Having watched the two hour Apple commercial yesterday (known as WWDC), I can’t help but share this clip. If you’ve never lived in Silicon Valley, you’d think this was made up, but this is honestly how the brains of the CEOs around here operate. They are megalomaniacs on a scale humanity rarely sees.
This is a new low. And not the kind of low I enjoy.
I can’t remember a time I’ve felt more despairing about the state of the market than right now. From June 16 to August 16 of last year, we had a two month ascent that I thought was the worst period of my trading life.
That was a walk in the park – – a party – – a festivus – – compared to what’s been going on for the past eight months. I say again, EIGHT MONTHS. I could actually argue twelve months, but October 13th was nominally a lower price point in the market, so I’ll just say eight, even though the easy part of the market stopped cold on June 16th, almost an entire year ago. It’s been pretty much a slog ever since.
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