The U.S. Dollar Index is in a strong downtrend although I wouldn’t be surprised to see support come in soon. Read this morning that more funds are short the dollar than at any time since 2013.
In today’s brief market update I look at the SPX, McClellan Oscillator, SMH, XHB, XLF and the U.S. Dollar Index. To get the complete market picture and daily updates become an Insider.
The video below is very brief subset of what I provide my Insider Members.
In this video I review the DJIA daily and weekly charts, check in on the VIX and review the weekly charts of semiconductors, homebuilders and financials.
How does current price action compare to the 2007 top?
So Snapchat, now known as Snap, Inc. (SNAP) went public last week and it was a feeding frenzy. Shares priced at $17 started trading at $24 and closed that first day at $24.48 with 217 million shares traded. Friday they piled on an additional $2.61 closing at $27.09.
I believe at one point the total estimated value of Snap was well over $40 billion. Incredible for a company that lost $500 million last year. And they don’t have any competition…right? We’ll see.
But their timing is perfect. Coming public at a time when bullish readings on the stock market are at 30 year highs…at least the Investor’s Intelligence Advisors Survey last week was. With the stock market at all-time highs and consumer confidence at the highest since 2000 it’s “party on Wayne”! Continue reading
Poker or gambling in general has very interesting correlations to trading. In both you are dealing with uncertainty, the ability to handle your emotions and how well you manage your money.
And doing all of those things gets back to discipline and your ego. Let’s start off with knowing when to fold ’em as they say in poker or as they say in trading…cutting your losses. Some good basic rules of poker apply to trading.
or so the stock market might have you believe. All we heard ahead of the election was how a Trump victory would create nothing but uncertainty for the market.
As results poured in Tuesday night and it became more and more clear that Trump was going to win, the markets went into a tailspin. Eventually the futures went limit down and could not trade lower for the rest of the overnight session.
That caused selling to abate and buying to come in and the market began to bounce. And then Trump claimed victory. He gave a very nice acceptance speech. He talked about all the rebuilding that’s going to get done…pulling the country together…and the buying continued.
By the time the market opened at 9:30am ET, the market was back to about even and then rallied all day, with the DJIA up about 257 points. So it took just a few hours and all that uncertainty went out the window. Really? Continue reading
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