I see bearish rising wedge or bear flag, well for now.
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Trades with cats wrote:
It would be very informative if someone had a hedge fund hotel index to compare to. I wasn't that technical during the last two major tops but I would guess that the indexes were affected by who ever the hedge fund hotel favorite mega caps were during those days. I do remember a ridiculous spike in QualComm and AOL being at an absolutely stupid valuation with analysts claiming it was about subscribers not profits. Then it all blew up and we saw media narratives about bubbles ...
Maybe you are familiar with this site - Some digging required but if into this hedge fund stuff there is quite a bit of info available
Looking to me like the back from lunch up move is starting to stall. Four point drop would get it back to VWAP. VWAP has been good support since the opening range nonsense today.
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Chart for the road: yester high gave me blue dotted line consolidation range after a triangle. very complicate stuff enjoy trading inside this range. Peace!
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Calculated VWAP at 2353.75 If that breaks I guess it is back into that opening range scrum. All kind of pointless anyway as :
1. ADP hit the cover off the ball with new jobs on Wednesday
2. Today's new unemployment claims showed a huge, really huge drop, multi year lows.
3. So how can monthly jobs report be anything but stellar?
JPM’s Jamie Dimon in letter to shareholders:
1) … “essentially, Too Big to Fail has been solved…taxpayers will not pay if a bank fails.”
2) … “it is clear that the banks have too much capital.”
3) [paraphrased:]… the current capital standards are restraining bank lending despite growing loan demand, and impairing economic growth… FED’s Kashkari responds:
1) Demonstrably false.
2) Demonstrably false.
3) [paraphrased:] ... If you really had demand for additional loans from creditworthy borrowers, then why the faulk have you been turning those customers away and instead choosing to continue buying back your own stock?
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.