Wednesday, May 28, 2014
Three bits of news, and two breadth charts for TAs still bleating yesterday's doomery
I'd have more but my email account was temporarily deleted. By the lizard people.
Bespoke - consumer confidence still hasn't peaked. Got a long way to go before we're at a top.
FT Alphaville - desperately seeking volatility. Well, if the volatility premium can be used to make money, that profitability advantage eventually has to be arbed away, right? That's how free markets work. I wonder if we can see a $VIX under 5 before the market finally crashes.
CNBC - Gartman sees more pain to come for gold. Upon that break of support, gold's chart now "just looks horrible". I guess if the past few months' static price range saw longs piling in, convinced the bottom was in, the next few weeks will see them get slaughtered. Sucks, but maybe I'll buy a few more gold coins if the price drops significantly. Stack physical, boys!
And I'll just add these two charts for that TA who is saying US markets are still seeing dwindling leadership after they've run to new all-time highs:
Please do try to keep up with the news. You should have checked whether breadth was back when new highs were reached. Your thesis is now disproven, find a new one and hope your subscribers don't remember this one.