This morning, it’s an all-green screen, since a couple of days of selling have convinced people stocks are a bar-goon again and it’s time to jump into the market with both feet.
Don’t be so sure. Horizontals have been breached. Trendlines are broken. Fibonaccis have changed from support to resistance. One look at the big picture indicates that anyone buying is going to have a body part chopped off in short order.
Most particularly exciting is the semiconductor index whose fund, SMH, is far and away my biggest position. If you look below, you will see an absolutely hideous head and shoulders which should terrify any bull. Plus, just above that photo of Gary Gensler, there’s a topping pattern based on historical price data.
I am maintaining my positions. All of them.
