Spot the trend!
![allgreen](https://slopeofhope.com/wp-content/uploads/2019/06/allgreen-611x1024.png)
OK, let’s take a big step back. The clean topping patterns we had been seeing have been pretty much wrecked. This market is, once again, a hot mess, and frankly quite a challenge to interpret. The only meaningful feature I’m seeing at this point on the S&P 500 is how we’re retraced back to the most important trendline of all, which is the one anchored to the March 2009 bottom.
![backtoline](https://slopeofhope.com/wp-content/uploads/2019/06/backtoline-640x795.png)
I must say, the performance of some IPOs is quite impressive. There is Beyond Meat, which in just a few weeks time is up a couple hundred percent:
![slopechart BYND](https://slopeofhope.com/wp-content/uploads/2019/06/slopechart_BYND-640x343.jpg)
And a local firm here in the Silicon Valley named Zoom Communications, whose chart looks almost identical.
![slopechart ZM](https://slopeofhope.com/wp-content/uploads/2019/06/slopechart_ZM-640x343.jpg)
For myself, I’ve backed way off. I’ve got just 30 short positions with 60 waiting in the wings.
On a totally unrelated note, please be sure to check out the progress we’ve made on Brokerage Integration, which I mentioned this weekend.