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Even though it’s hard for me to imagine some kind of “shock event” from the pre-open jobs report this Friday, I look forward to seeing how the market – – particularly the bond market – – reacts. The reason is that, in spite of the recent rally lately, the bond market (represented below by way of TLT) is still sporting a very good right triangle reversal pattern, and provided we stay beneath that horizontal line, it stands every good chance of more serious diminishment in price.
Beautiful!
Now there’s a title that doesn’t leave much to the imagination.
As I am typing this, the /NQ futures are up nearly 100 points (on the heels of a multi-hundred point rise yesterday), yet META is actually down somewhat. That is not the sole basis for my idea, however (obviously!) This is what cinched it for me:
Good morning, everyone. Since evidently there’s no multi-month revision to faulty government data this morning, the markets are mellow and borderline boring. The /NQ had a tremendous surge yesterday, surpassing even the peak witnessed last week with the Nvidia blowout earnings.
I must tip my hat with gratitude toward the Dow 15 Utilities, as they have continued to maintain their superbly bearish diamond pattern. Almost every day, my XLU position tries to fake me out, with the index lifting well into the green, only to stumble and tumble once more. The fact that, on an insanely bullish “up” day like this one, the index only eked out a 0.2% gain, is also encouraging.
