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As you probably know, SpaceX (SPCX) has had a terrible time of it, having fallen well more than 50% from its peak price and currently very near lifetime lows. This has all taken place even without a single share from any insiders being available to sell, which represents about 95% of the shares. So, things could get even worse starting tomorrow, when those shares are free.
A mere four trading days ago, the indexes and ETFs looked poised to do a swan dive. And then, as they have so many times before, and based on no particular reason, they did a total 180 and completely wrecked their setups. Below are just a few examples of how perfectly good (excellent, actually) topping patterns were completely trashed with four days of destructive price gains.
Quite the “sell the news” kind of event here:
In my last post on Thursday 30th July I was looking at the downside targets on all the topping patterns on the main US indices and since then we have seen a very strong reversal back up, with those downside patterns failing into new all time highs on SPX and DIA, and failing today on IWM. This is now another big inflection point where US equity indices could turn down hard or continue higher, and I’ll be looking at that today.
Part of the reason for this has been the Iran War news where yet another imminent deal was announced on Sunday, though yesterday Iran denied any imminent deal or current ceasefire and underlined that by attacking the US base in Kuwait last night.
(more…)I continue to be light as a feather, but there are at least a couple of interesting earnings reports tonight I’ll be watching. One is AMD, which has been range-bound for many weeks and will obviously inform the direction of SMH (against which I own October puts) by tomorrow morning.
