Not sure I ever a met a rich technician. Strong day today but more new 52 week lows than highs on the NASDAQ and AMEX and barely more 52 week highs than lows on the NYSE. Yet the Dow, S&P, and NASDAQ are hanging around 52 week highs. The Russell 2000 appears to have topped months ago and the Mid Cap Index appeared to have double topped just recently as have junk corporates which had another bad day today. Meanwhile the 10 year has looked ugly since Labor Day. There was some technician on CNBC lamenting how much the average listed stock is off its 52 week high compared to the averages. So what's my point here? No point, just idle technical chatter.
Comments
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/15615/average-stock-declines-from-52-week-highs#latest
Edit: Heard and saw all sorts of divegences with the market beginning in April 1998 (before the ultimate top in early 2000) and sure would have hated to have missed that nearly two year period. I get a bit leery when everyone and their mother sees the same things, so we shall see how this plays out.
Edit 2 - Before I hear about it yes, there are a lot of rich Wall Street technicians who make their income from being on the payrolls of various Wall Street firms and hedge funds. Just never met a rich mom and pop home-based trading technician using all the technical mumbo jumbo, at least any in that top 5% of U.S. households with over 1 million in investable assets.
http://blogs.marketwatch.com/thetell/2014/09/09/jeffrey-gundlach-gives-market-calls-and-outlook/
If Putin's not really nuts, he's doing a darned good job pretending to be. Tested a really big fire-cracker today. I recall living with this kind of #**##* during the 60s. Today's youngsters may not relate very well.
Yah - I detect a change in markets recently. On "up" market days I'm sometimes down. Commodities are getting absolutely crushed. I don't think that can last much longer. Even with fracking, there's still overhead expenses to cover.
Russian ICBM test http://www.newsweek.com/russia-tests-icbm-putin-complains-about-nato-rhetoric-269618
John, so right are those obscene valuations in the late 90s.
Commodities are getting absolutely crushed.As evidenced in today's news blips!
"iron ore prices slide to five-year lows"
http://seekingalpha.com/news/1977095-end-of-the-iron-age-as-iron-ore-prices-slide-to-five-year-lows
Crude closes below $92 on demand woes, energy shares hit
Sep 10 2014, 15:28 ET | By: Carl Surran,
http://seekingalpha.com/news/1976565-crude-closes-below-92-on-demand-woes-energy-shares-hit
OPEC's latest monthly report adds to the bearish outlook for crude oil, as it cuts forecasts for the amount of crude it will need to supply as surging North American shale output reduces reliance on its supplies.
http://seekingalpha.com/news/1976075-opec-sees-slower-demand-for-its-oil-thanks-to-u-s-shale-surge
OPEC reduced forecasts for the amount of crude it will need to supply by the most in at least three years as surging North American shale output reduces reliance on the group’s supplies.
http://www.bloomberg.com/news/2014-09-10/opec-cuts-demand-outlook-by-most-in-three-years-on-shale.html
Raw-sugar prices fell to the lowest in more than four years amid signs of an expanding global surplus as output accelerated in Brazil, the largest supplier.
“It’s basic economics -- more supply available than demand,” George Kopp, a senior market analyst at International Futures Group in Greenville, South Carolina, said in a telephone interview. “It’s hard to get excited about a market that’s been in a downtrend for so long.”
By Luzi Ann Javier Sep 10, 2014 2:12 PM CT
http://www.bloomberg.com/news/2014-09-10/sugar-declines-to-lowest-since-2010-on-global-surplus.html
What's to be bearish about?
• The US is pretty much alone in climbing back... sort of... out of the great recession.
• The EU is heading back down, also in a major fistfight with their main energy supplier, Russia: there will be more collateral damage before that's over.
• South America isn't going anywhere for a while.
• China, Asia: Yes, what about China? Poised to shove their weight around and cause lots of trouble in the South China Sea area. No problem for us though, we'll just "pivot" over that way to keep an eye on those guys. Wait... wait... maybe we'd better stay in Europe and keep an eye on Putin... and what about Iraq/Syria/Iran/Israel (yet again)??? Holy smoke!
• The Mideast. Yes, the bloody never-ending fanatic, murderous Mideast. Well, nothing much new going on there, other than a new bunch of fanatic, bloody, murderous bastards who will do their best to overthrow, mutilate, behead, destroy and otherwise inconvenience all of the existing fanatic, bloody, murderous bastards. Not our problem, right? Oh-oh... wait a minute... that's not going so well either... it looks like we may have to do... something!
Well, at least things are just fine here at home. Fortunately we are completely independent of the rest of the world, so none of that other stuff can cause any problems here. The middle class is recovering nicely, the folks at the bottom are moving smartly right up the ladder, good jobs are plentiful, folks now have a little extra to put away for retirement, education is available at reasonable cost, our infrastructure is rapidly being modernized, and best of all, everyone has new iPhones!!
PARRRTTTTYYYY!!!