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After the excitement of Wednesday evening’s earnings bananas, today’s will be a bit of a dud. The only notable report is from washed-up has-been semiconductor maker Intel (INTC). Back in the 1990s, this was truly the NVDA of its time.
One third of the country seems to believe in a thing called “fake news.” Well, how about “fake markets“, like China? This sucker has roared higher for months, and my view is that the long-term trendline shown below is a Great Wall of China for FXI.
As I mentioned on my Sunday post, IBM was one of my 20 short positions. Its chart wasn’t particularly interesting, but things just got a lot more interesting now that earnings are out.
In my last post on 16th July I was looking at a significant high that may be forming here on equities. There was some unfinished business that I was looking to finish on the upside and one of those was a high retest on DIA which we saw yesterday and there is now a daily RSI 14 sell signal brewing on DIA to go with the daily sell signals already fixed on SPX, QQQ and IWM.
I went through a more thorough list of the unfinished business both finished and remaining on my The Bigger Picture video yesterday night but in brief I was looking on my premarket videos over the last few days for high retests on DIA and Nikkei, which we saw yesterday, a full all time high retest on INDU, not quite seen yesterday but close, and high retests on DAX and ESTX50, both of which have formed bull flags which have broken up but not yet made target.
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