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Today’s harsh reversal could be viewed as a single day setback were it not for the weekly pattern in the $RUT that continues to track very closely the 2011 pattern we discussed in recent days and weeks. As markets continue to be extremely stretched with complacency still very much abundant this chart acts as a red flag with the turn in the weekly RSI in particular raising the noise level: […]
Bulls are having all the fun it seems. Watching them dance with the $VXO closing at its lowest ever yesterday made for quite the spectacle. The case for caution is out the window it appears and the party is just getting started they tell us. But have they watched themselves dance? But as contorted as Elaine’s dancing moves are, they are no match for the latest twist in the $VXO: Sleepwalk away […]
As I outlined in this weekend’s write-up titled “Animal Farm” a number of very pronounced negative divergences can be found across multiple indices. A quick look at key weekly trend lines in the $SPX shows a confluence that could possibly point to a very pivotal time for the market this week: The latest rally has produced such a steep trend line that a break may make a visit to the weekly 21 moving […]
“In a way, the world-view of the party imposed itself most successfully on people incapable of understanding it. They could be made to accept the most flagrant violation, because they never fully grasped the enormity of what was demanded of them, and were not sufficiently interested in public events to notice what was happening. By lack of understanding they remained sane. They simply swallowed everything and what they swallowed did […]
I admit it. I like deals and I like value. I don’t like paying for overpriced stuff even if it’s all the rage. While Janet Yellen and many others are busy assuring everyone how stock prices are a wonderful deal and nothing is overvalued the market’s history tells a different tale. I’ve been watching the weekly chart of the $SPX for a while now. We have observed a historical deviation from the […]