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I remember being a teenager at the grocery store and on the cover of Money magazine was a story about the United States that proudly declared, “A Million Millionaires.” It was a big milestone.
These days, being a millionaire doesn’t mean what it meant in the 1920s. It’s like being a thousandaire. Anyway:
Having fun, bears? Or should I even bother using the plural? In any event, the diamond continues to hammer out beautifully on the SPYders.
I’ve been a long-time proponent of shorting Lennar (LEN), as careful readers know. It is slowly but dutifully moving in the direction that God intended.
It may surprise some of you who assume I dabble only with charts, but I spoke with Mitch McConnell this morning for a little under twenty minutes, and he agreed that my “bearish equities/bullish oil” call from two days ago was brilliant.
On the 2nd of June I wrote a post looking at the bullish looking setup on oil, but that then fell apart in the days before the Memorandum of Understanding (MOU) was signed by President Trump at Versailles on 17th June. In the three weeks since then the Brent and West Texas Intermediate (WTIC) crudes have fallen almost to pre-war levels before the most recent low last week.
Now after any steep decline there will generally be a low found and a bounce will start that should at least retrace a sizable proportion of the preceding decline, usually in the 38.2% to 61.8% range. I’ve been watching for that bounce and I think that has now likely started, though that doesn’t mean we won’t see retests of last week’s lows as part of that process.
So what’s the setup so far?
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