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I cannot overstate my relief that the SPCX insanity is in the history books now. I will not miss the three hundred articles per day about how to participate in the IPO. Not to say that people won’t watch every tick for the next couple of weeks, but – – let’s put it this way – – we won’t be stopping any more wars for an IPO for a few months. In the meanwhile, here are some crucial price levels (some of which are gaps, and some of which are proximal to gaps) to watch:
In my post on Wednesday I was looking at the H&S patterns that had broken down on SPX, QQQ and DIA and saying that, for a variety of reasons I explained then, I didn’t think any of those H&S patterns were likely to reach their targets, and would likely instead fail into retests of their all time highs. Since then we have seen the start of rally I expected and equity indices have reached another inflection point where they can either break up towards retests of the all time highs, or fail down into those H&S targets.
On DIA the H&S failed this morning on the break back over the H&S right shoulder, and that now has a target at a retest of the all time high, but the big dogs here are SPX and QQQ, so I’ll mainly be looking at those today.
(more…)Well, it’s finally done. SpaceX is trading, up about 20% at the moment. I dumped my entire position right from the get-go. Enjoy the ride, everyone. Now we can all get back to work.
The PPI numbers just came out, and it was pretty much a non-event. It didn’t move the markets very much. The more meaningful move was due to the fact that, for the 38th time in the past two months, we’ve won the Iran war. Thus, equity futures are all up fractionally, although it’s important to keep in mind that over the past week the /NQ has done nothing more than hammer out a series of stumbling lower highs.
