Given the persistent rally over the past two weeks yesterday could at best be described as a minor pullback with emphasis on minor. In fact, $SPY opened at the 5 EMA and closed at the 5 EMA with tech throwing in another new high into the mix. Basically a non event. I’ve been trading very actively trying to take advantage of the little up and down action we are getting […]
With new record highs every day and down days a thing of the past the bear case, on the surface, looks dead. Negative divergences or news have not mattered in a very long time, yet there is one chart, and one chart alone that spells major trouble ahead. Not a little trouble, but big trouble. I’ll let you be the judge, but I submit that the timing, the structure, the RSI […]
Sometimes you just have to create your own headline. Since I couldn’t find any common sense advice anywhere I tweeted this: June 9, 2014: “Take some money off the table” is a headline found nowhere. — TheNorthman (@NorthmanTrader) June 9, 2014 So here it is: Take some money off the table, for the love of God: Need more reasons? Try here: Weekend Charts.
Each mania has unique characteristics yet each mania has common elements. The single most defining element of a mania are the attempts at rationalizing its existence and the denial of its presence. Not to offend anyone in particular but the nonsense that I see propagated these days among the financial market conscious is almost nauseating in its stupefying self aggrandizing demeanor and lack of intellectual basis. My favorites include comments that proclaim the […]