Quite a week so far, eh? Let’s catch up with a few major indexes.
The NASDAQ Composite is still hammering out what I pray to God will be a top for the ages. We’re getting there, but we are NOT there yet!
The Dow Industrials, happily, is breaking down hard and has already completed its top. Today’s new price gap provides us a squeaky-clean resistance level. Thanks, Pam!!
The S&P 100 is very, very close to completing its marvelous top. I say again, we aren’t there, and as Warren Buffett famously said, an almost-done pattern is like an almost-done orgasm: it doesn’t really count yet. (Charlie Munger hated when he trotted that old saw out).
I am pleased to report the Russell 2000 has broken its ascending channel. Huzzah!
Likewise, the semiconductor index has, for the first time since so-called Liberation Day, failed its ascending channel.
Lastly, the S&P 500 came tantalizing closely to pattern completion today. Just one more day like today would do the trick.
I have absolutely no big positions anymore, having taken profits this morning, but remain scattered among 34 beloved little positions. Things are looking good.
