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I have something interesting to share about the NASDAQ fund QQQ. Take a look at this long-term chart below. What I’ve done is anchor it to two extremes, as usual, but what’s different is that instead of anchoring it to a low and high extremes, I’ve anchored it to two highs: specifically, the one before the financial crisis struck (2007) and then last year’s peak (November 2021).
Since the market bottomed on June 16th, the /ES has gone up hundreds of points (well over 300) and the Dow Industrials is up thousands. There has been an enormous change in sentiment, with the consensus being that the brief bear market (if you want to call it that) experienced during a tiny portion of this year was all the suffering that was required to clear out all the sins of the past quarter century.
Besides the fact that Zerohedge has more bullish articles every week than even the likes of Yahoo Finance, even Elliott Wave has thrown in the proverbial towel, declaring their “alternate scenario‘ (AKA the bear market ain’t happening) is in play. It wasn’t that long ago that they were stone-cold certain that we’d be plunging non-stop. This afternoon, hat in hand, they meekly sent out an ‘Interim Bulletin” (never a good sign) that raised the white flag. Their mojo is gone. Totally. Elliott Wave has SURRENDERED.
For cryin’ out loud, Mr. Fibonacci! You just won’t let go! This is seriously bonkers. Until the prices ESCAPE from this line, we’re just going to be banging our heads against the wall!
Well, I gotta tell ya, today’s a disappointment. My portfolio has gained value, but whoop-de-fucking-do. We’ve got a situation in which it only took a few minutes for the permabulls to “see past the CPI report” and bid almost everything green again .The serious line to watch is, as I keep pointing out, the major Fibonacci retracement level. This invisible line is the battle zone.
