Well, something is going to happen.
As you can see from Afraid to Trade's S&P 500 (SPY) chart, we're clearly forming a Triangle Squeezy +Thingy Patten on the index and that's bound to lead to something dramatic in the pretty near future. How's that for technical analysis?
As noted yesterday morning, when I was interviewed over at the Nasdaq, we're still a bit skeptical of these low-volume moves up and, Fundamentally, we just don't see a good reason to go long here. In fact, just this morning, I put out an Alert to our Members saying:
On the indexes, the strong Dollar should knock us down a bat at 18,200 (/YM), 2,160 (/ES), 2,875 (/NQ) and 1,250 (/TF) so watch those lines and short the 4th if 3 go below with very tight stops if ANY go back over. Can't use /NKD (16,800) because they love a strong Dollar.
We're also loading up on Coffee (/KC) at $1.475 and Natural Gas (/NG) at $2.875 this morning – those are two longs we also have long-term plays on in the ETFs (JO), (UNG) in our Member Portfolios. See last week's Live Trading Webinar for commentary on both of those trades.
I also tweeted it out (you can follow me here) along with news and market comments so I'm not not going to repeat that stuff and we can move on and discuss some other things that matter, like this year's 20% melt-down in the British Pound which is now causing the FTSE to lead European markets higher which is, of course, ridiculous because the FTSE stocks are priced in Pounds so they are really only going higher because the currency is worth less (worthless?) than it was before.
Don't forget another Goldman Sachs (GS) stooge, Mark Carney, is running the Bank of England into the ground, which is extra interesting as he's Canadian. So, if you are British and you saved all your life and last year you had 1,550,000 Million Pounds in the bank – you 've gotten 0% interest and now…