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I am stuck by this consistency among the indexes: Tuesday was a hammer candlestick in every case (or a hanging man, if you prefer). The reason? It’s anyone’s guess, but my theory is that traders know the market is historically overvalued and it SHOULD go lower (hence the weakness midday) but they reflexively bid prices up based on any sniff of weakness. Still, this is the first decent selling we’ve seen since March 30th, and I wouldn’t be surprised to find out something bigger has just started.
This morning’s pre-market announcement of CPI data was being heralded as perhaps the most exciting event of the week. Well, maybe not. The CPI came out, and inflation is running much hotter than expected.
Of the 82 symbols in my “Recent” watch list (relatively young stocks), here are seven I found interesting. Not singularly bullish or bearish. Just……..interesting.
While I am a gold bug, I am not a narrowly focused bug. In the markets I want to increase capital, where ever that can be achieved. The last several months of portfolio diversification have provided a solid increase. But it is time now to rebalance and tighten the focus. That is illustrated in much more detail in the segments that followed this one, in NFTRH 914.
I seriously had no clue that SPX was even close to target, let alone realized it had hit the 7400 measured target yesterday, until I took a look yesterday afternoon. Though upside targets are seldom stop signs (at least mine aren’t, they are objectives laid out well ahead of time), it does give me a bit of pause.
(more…)It’s become tiresome to type these words, but it was yet another lifetime high today across the board. I am pleased and very proud to report that my 100% short portfolio defied this nonsense and still made gains on the day. This is especially heartening since there are a number of stocks which are {check notes) absolutely batshit insane.
Kindly observe:
