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It’s tough to get excited about the weakness in /RTY this morning, since just yesterday at this time (see red circle) the /RTY was getting demolished, and then For Some Mysterious Reason (cough, D.C., cough cough) the market got gobbled up, pushing the SPY and QQQ to highs never seen before. It hardly matters anyway, since today will probably be a nose-picking holding pattern as the all-important CPI and Fed events tomorrow morning.
I did a little experiment with a spreadsheet this evening that I wanted to share. It has to do with this carnival barker – Roaring Kitty – who has dragged his willing acolytes into GameStop positions, most of which are showing terrible losses.
Below is symbol $SPX200MA which tracks the percentage of stocks above their 200-day moving average. As you can plainly see, this thing has been hammering out an enormous topping pattern since December.
I must applaud how Cracker Barrel (CBRL) just gets going full-smithereens on us.
