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Momo's keep breaking down. Shorted LKND this morning. Add it to CMG and AAPL as momo market leaders continue showing weakness. Apr 23, 2012
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Shorting CMG here at $423. Now short both CMG and AAPL - playing with "momo" fire. Apr 20, 2012
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Funny/bizarre that with S&P up .4%, TZA (3x small cap bear) is green and TNA (3x small cap bull) is red. Dec 23, 2011
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Hello, Mr. Bear
Wow, an awfully bearish day for the charts today. The huge wick put in place in SPY today looks AWFULLY toppish. We'll see what kind of follow-through we get in the succeeding days.
(click to enlarge)
Also, AMZN, which has traded in a falling range during 2013 has predictably reversed course at the top of its range.
(click to enlarge)
Good for the bears who finally have a winning day. If only a day.
Disclosure: I am short AMZN.
Sell GLD (Not The Real Stuff), And Buy TLT?
The equity market looks pretty benign today, but the bond and commodity markets have all kinds of interesting activity. The commodity markets continue to get punished. Copper is continuing its sell off from yesterday. Perhaps even more interesting is the action in GLD. After its initial plunge in March, GLD rallied fiercely back to the trendline it had broken. Today (and this week generally) it is selling off hard. Is this the "kiss goodbye" (as Chris Kimble calls it), signalling new lows to follow?
(click to enlarge)
On the other side of the inflation question, Treasuries are also selling off hard. What's up with that? However, instead of being rejected at a major trend line, 30 year Treasuries (TLT) have retreated to one. We will see if it holds.
(click to enlarge)
If TLT fails to find support here, it bodes very poorly for the price as there is a multi-year Head and Shoulders in place. To further complicate the conflicting signals out there today, JNK is also selling off after hitting resistance. Turns out all the fun is outside of equities today.
Disclosure: I am long TLT.
Additional disclosure: Also short GLD
What Says Copper About Global Growth?
Yesterday, I posted charts on JJC and FCX - two equity options that roughly track copper. Both have multi-year Head and Shoulder formations in place. Both violated bottom support and have bounced back above both the neckline and even their short-term downward trendlines. So was the breakdown a "head fake"… will copper continue to rally? I don't know. However, I do think that Copper futures perhaps give us a better read on copper. It is a cleaner chart. Copper futures (/HG) also has a multi-year Head and Shoulders in place, and also formed a multi-year pennant (like JJC). However, the futures never violated the neckline. Copper futures have rallied back to old support in its pennant pattern - where it should find resistance.
(click to enlarge)
This is the chart I will be watching to get better read on FCX (which I am current short).
Disclosure: I am short FCX.