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Here is an interesting breakdown of per-capita use of electricity (white bar) and what it was at the start of this millennium (grey bar). Canadians use the most (cuz it’s chilly, I guess?) whereas, for whatever reason, the U.K, not only is a modest user but has cut back quite a bit. Speaking for myself, the good people at Palo Alto Utilities charge me over $1,000 per month, most of which is for electricity.
Remember when Tesla (TSLA) was absolutely clobbered early this year, when people figure Trump hating Musk would destroy him? Yeah, right. Tesla is up 100% since then. I’ve said dozens of times that Tesla may wind up the most valuable company on the planet, and I stand by that. Nvidia is a one-trick pony. Tesla is in a lot of different industries (especially if they wind up acquiring x.ai, as I suspect they ultimately will).
Well, here we are again. Every morning, it’s the same thing: all the equity futures up fractionally (which, over time, has led to a literal 900% run-up in the S&P 500 since 2008) and at lifetime highs, in spite of every scrap of fundamental data saying that valuations are in la-la land.
In my last post on the morning of September 3rd, just after the sharp decline on the first trading day of this month, I was noting buy signals on all six of the hourly equity index futures charts that I follow, and those all delivered over the remainder of that week. When four or more of these fix at once on the hourly futures they generally deliver.
In my the Bigger Picture video on Sunday 7th September I was noting the strongly bullish leaning historical stats for the coming week and was suggesting a target for QQQ at a retest of the August all time high at 583.32, and we saw that with a new all time high at 587.86, seeing also new all time highs on SPX and DIA, and IWM moving closer to the IHS target at a retest of the Nov 2024 all time high at 243.04.
I’m still expecting that all time high retest on IWM in coming weeks and there is a chance that we might see that this week, but the historical stats from tomorrow’s close through to the end of September lean strongly bearish, so I’m thinking that we will likely see at least a few days of retracement or consolidation then.
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