Last week, prior to the swoon, I wrote about bonds breaking down and leading stock prices lower. Maybe I should have put that in bold or italics or I should have just made it the headline. Of course, as mere mortals, there is no way to know when the market is going to vomit like a hungover zebra who lost his stripes in a rigged game of Old Maid. What happened? I think the stock market just priced in bonds (TLT) going to 109. The fact that multi year support (TLT 115) was broken and the … [Read more...]
That Got Ugly Quickly
The technical term for what happened the last two days is "Holy Shit Batman". It was certainly fast and furious. As bad as it was, SPY and Nasdaq are still up for the year and prices are just back to July. S&P500 Index ETF (SPY) daily Invesco QQQ Trust (QQQ) daily So, do we buy the dip or sell the rip? Probably a little bit of both. Amazon.Com Inc (AMZN) is looking interesting as well as Square (SQ). Square (SQ) daily If they can hold support tomorrow the … [Read more...]
Mid Week Update
I usually don't like to do mid week analysis as one or two days does not make a market but yesterday was such a doozie here goes... Dow down 831 QQQ down 7.90 Basically, everything was down except Smuckers Jam cause they got some good marmalade. When I recommended on Monday morning to begin trimming I told you I hoped I was wrong. Unfortunately, it appears I was right. This is what I wrote last weekend... Semiconductors struggle to get through 2000 highs. One closing week below … [Read more...]
Will Bonds Lead the Stock Market Down?
It sure feels like a cold dark cloud just washed over the stock market. Bonds just got slaughtered Wednesday, hammered Thursday and thrown out the window on Friday. Stocks then followed suit Thursday and Friday with sucky price action. If it wasn't for the bond market fiasco I wouldn't be so concerned. S&P 500 Index The good news is that SPY, S&P 500 index ETF, bounced at support (green line) around mid day and recouped about 1/2 of the day's losses. The support I'm referring to … [Read more...]
Intel (INTC) Pops Off Support and Other Good Stuff
There isn't much to report on for the broader market or bonds this past week (pretty flat) so let's get to the opportunity I see. Well, there's one thing...the Fed raised the discount rate by 25 basis points on Wednesday and no one blinked. The bond market shrugged it off and equities barely noticed. Oh, one other thing, Tesla (TSLA) got crushed after the SEC announced it was suing Musk for fraud concerning his comments to investors about taking the company private. Sounds like bull shit to me. … [Read more...]
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