Although it’s getting rather tedious, the market activity was the same Tuesday as it was (checks notes) the past 666 days in a row: semiconductors blasting higher to insane heights, compelling tech indexes to never-before-seen levels. The NASDAQ Composite managed, over the past week, to once again equal its May 14th apex.
The Dow was the odd man out, actually managing a loss on the day and hammering out a bearish engulfing pattern, in spite of spending part of the day in lifetime high territory.
The NASDAQ 100 was up nearly 2%, with the only technical feature offering resistance being the trendline.
The S&P 500 ending the day with a small shooting star, almost identical to what it produced on Friday, and notched another record. The pink tinted area continues to taunt the one or two bears left on the planet as being one of the greatest fake outs in financial history.
Bitcoin gave me quite the scare over the weekend, since the “largely negotiated” news about Iran goosed it several thousand dollars higher. Mercifully, all the gains were laid waste, and BTC is still presenting a perfectly plausible path lower. I’m sticking with this short so long as BTC doesn’t cross any meaningful amount above $78,000.
I ended the day with a 115% commitment level spread across 21 bearish positions, the only big ones being Bitcoin and Treasury Bonds (TLT).
