Here’s how September has been to any equity bears out there so far:
Bear Life from r/wallstreetbets(more…)
Slope of Hope Blog Posts
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The Release
Well, this is pretty much was what worrying me. If you watch me on tastytrade, I kept mentioning how the range was shaping up as a potentially bullish breakout pattern, and voila, here we are. All the pent-up energy that I’ve tinted below has been released. And right now one of the last barriers to lifetime highs is the Christmas Trendline, where I’ve drawn an arrow.
Talk Talk
If there was any doubt how badly the market “wanted” to go up, all doubts were dispelled tonight. All it took was an agreement to schedule a meeting next month to launch equities into the stratosphere.
Powell Put Strikes Again
Natural market forces permitted? NEVER!
Powell Power
Before I begin, I wanted to thank everyone who has written me both ideas and congratulations for our new Annual Overlay feature (yes, I’m going to come up with a better name, hopefully one which doesn’t stink). I don’t think I’ve ever received as many ideas for a given feature before. Anyway, on to the green screens……….
Lifetime highs. That’s what we’re getting on the heels of yesterday’s FOMC announcement and in advance on next week’s G20 summit. Only since June 3, not even three weeks ago, we’re up nearly 2,500 points on the Dow and are busting records left and right.
And Again
For the seventh day in a row, looks like another winner coming for the bulls. Just about the only equity out there with any weakness seems to be the fabled Beyond Meat, which I wrote about last night. It’s down 20% from its peak yesterday.
Grimace
I’ve been doing this whole “charting” and “trading” thing a long time. I was there for the 1987 crash, as well as the bull market that led to it. I can remember the market’s response to the invasion of Kuwait like it was yesterday. The Internet Bubble. The crash of 2001. 9/11. The financial crisis. And on and on and on.
But I’ve never seen anything like what we’re seeing now. You’d think that, in the 11th year of this pre-fab bull market, some two-sided action might be creeping in, but, nope. This entire thing is starting to feel permanent. And it feels like the MMT lunatics are going to end.
Anyway, below are some major indexes and ETFs along with their breakouts:
