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I was looking at a table over on ZH that showed 25 stocks they proposed would be violently “squeezed” higher. I hand-typed in the symbols and looked at all the charts, and I’ve got to say, most of them look like shorts (but maybe that’s just me wearing my bear goggles). Some of them are plausibly bullish, however, so here ya go:
In my post on Tuesday 5th August I was looking at the modest breaks back over the daily middle bands on SPX and QQQ on the previous day and noting that conversion of those to support would open possible all time high retests, and hard fails there would strongly support the H&S patterns forming on both.
In my post on Thursday 7th August I was saying the same about the second breaks on SPX and QQQ above those daily middle bands on Wednesday and looking at the three strong resistance trendlines on SPX, QQQ and DIA in the event that SPX and QQQ delivered those all time high retests.
In my last post yesterday I was updating the situation with the trendline resistance levels on US indices and noting a short term inflection point as we waited to see whether DIA would confirm the break back over the daily middle band on Tuesday. That has now resolved into a strong break higher on DIA.
(more…)On rare occasions, I’ll actually think of something smart and insightful to say, and I stumbled upon one of those instances during my tastylive broadcast. In mentioning that the PPI numbers would be out soon, I off-handedly remarked that even though the CPI numbers showed no inflation, perhaps the PPI numbers would come in hot since they are further up on the supply chain and might be affected by the tariffs first. It was just a throwaway line, but lo and behold, the numbers just came out and the PPI is almost FIVE TIMES the anticipated value. How’s 10.8% inflation sound, everybody?
I’ve got to say, this fund of treasury bonds is looking better by the way. If IEF can clear the top of its basing pattern at about 96.26, this thing should blast higher.
