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In a twenty-three-month period of frustration and disappointments (yeah, the bear market seems to have smothered to death in mid-June 2022, and them cremated on October 13, 2022), perhaps one of the biggest disappointments is the Dow Utilities, which I’ve mentioned a few billion times. The $UTIL had an amazing diamond pattern, and still does, but its explosive move higher, particularly over the past month, has been jaw-dropping.
Given the lunatic price moves in meme stocks, I wanted to highlight an easily overlooked feature in SlopeCharts called Show Unfiltered Bars. By default, it is unchecked, but you can “force” it to show raw price data by checking it.
Let’s set aside GME and AMC lunacy for a moment and examine what was supposed to be the morning’s top event, which was the monthly release of the (totally watered-down and laughably low) Producer Price Index. The expectation was 0.2%, but the actual figure was 0.5%, which was 250% of the expected value. For 3 out of the past 4 months, the PPI was higher than expected.
There is a ton to talk about, most especially the fact that the PPI came in super-white-hot and yet the market seemed to care for about three seconds. It’s actually jaw-dropping that PPI is VERY hot and people are shrugging their shoulders. however, I’m going to set that aside and point out the collectively insanity going on in meme-land, like it’s early 2021 all over again. Here we have Gamestop, blasting 400% higher in the span of just over one trading day.
