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There are a variety of ETF products which are constructed from the elements of the FAANG tech stocks. One look at these should send shivers down bullish spines, as they are marvelous topping patterns (and account for a HUGE proportion of market value).
After ages of watching the /NQ try to bust past its price gap, we’ve finally got a reversal. Even in just the past few days, the /NQ made five different attempts to rip higher, failing each time. I guess yesterday was the last gasp, because the QQQ, having finally sealed its price gap from early November, created a new, lower gap and, more importantly, has broken its medium-term uptrend. This is the first positive development the bears have had in months!
Attentive Slopers know that Rivian was my one and only long position. Was. I had a stop-loss at 18.25 (I bought it at 18.90) and got stopped out this morning at 18.20. Good thing, too. It’s a full dollar lower than my execution price already. That’s what stops are for!
It seems that, yet again, what should have been a breakout has morphed into a slump. Probably the next and best opportunity for RIVN would be after getting pummeled down to that ascending trendline, which could take months.
Happy Wednesday, everyone. We just got our latest economic data, and it is very bull-friendly: ice cold (zero, in fact) PPI data and better-than-expected retail data.
In spite of this, equity futures are down about half a percent or so, whereas gold and silver continue to absolutely barnstorm the planet, each of them at (as usual) new lifetime highs.
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