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I noted last Wednesday that, for the first time since April 7th, we had broken the uptrend. It was subtle, but it was important, because in my estimation it would mutate the role of the trendline from that of support to resistance. It has done so beautifully, even at the height of this morning’s strong opening.
Of all the goofy fads in the Everything Bubble, the recent popularity of the completely unproven quantum computing technology (which, at BEST, is years away from revenue, let alone profits) has got to be the goofiest.
Three of my twenty-five short positions are retail. It’s interesting to me that all of these are down nicely today, even while the market in general is (yet again………) entirely green and at the highest prices in the history of the human race. I am hoping to hold on to these shorts for the long-haul.
In my post on Monday September 15th and my post on Friday 19th September I was looking in detail at the historical stats suggesting that after Tuesday 16th September last week there was a short bearish window into the end of September, and looking at the limited pattern support for a modest retracement then.
In my last post on Friday 26th September I was looking at the backtests of the daily middle bands on SPX, DIA and IWM and saying that the minimum targets for a modest retracement had been met. The bearish window still runs into the close tomorrow, as the last day of September and the third quarter, but equity indices might well run directly back into new highs.
Today I would like to look at the possibility that we might still see another leg down into the end of the month as there are possible pattern setups and targets for that.
(more…)I remember in high school learning that Coca Cola’s brand was worth $1 billion. We were amazed that something you couldn’t hold in your hand could be worth that much. Oh, those were simpler times:
