Big picture. SPY daily. Very strong rebound from the pullback. You can't keep a good market down? Can you overheat it? Can you damage the economy with tariffs? Will deficits come back to haunt? It ain't all rosy out there.
Charts posted are not recommendations. They are just a sharing of information.
NOT MARKET RELATED:
It's National Donut Day! Visit these retailers:
Dunkin Donuts- free donut
Krispy Kreme- free donut
Shipley Donuts- free donut
and more
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
As stocks rallied, the bond market told a far more pessimistic story with investors bracing for a more severe downturn. The yield on the closely watched 10-year U.S. Treasury note felt to near a two-year low, a sign of heavy buying of an asset people around the world view as one of the safest in the case of a recession.
“It’s a flight to safety,” said Michael DePalma, managing director at MacKay Shields "There’s geopolitics and there’s trade wars. We are in the middle of a trade war with one of our three biggest trading partners and picking a fight with another one. There’s just tons of uncertainty.”
An econ guy on twitter said it better, but I paraphrase poorly-
Market is up today because employment is bad and the Fed is agreeing to cut rates as the economy goes into the toilet.
My own opinion market could care less about actual economic conditions. Liquidity, and more importantly the willingness of corporations to keep buying more rounds , er I should say continue buy backs and dividends means the music continues for another round of cake walk. Twice now it looked like the music could stop but the Fed has been clear in saying this week we will accommodate your every wish and today they got an excuse, er I should say the hard evidence to do just that. Just because the bond market is puking all over the place doesn't mean the party is over. The next shoe to drop will be the Fed returning to buying up every dime of government debt just like BoJ and running interest rates to negative just like the ECB. Just re-enforces to me why the correct time to hold an investment is less than 1 day.
Couldn't get much higher on the Fib ladder without returning to an up trend. So consolidation, then maybe a third try or just give up and flat line into the close.
SMALLS, 15 min
Symmetrical Megaphone “Broadening Top”
Break can occur in any direction, but odds favor an upward breakout (61%) http://thepatternsite.com/bt.html
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
51% chances lower high trend reversal. very disappointing.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
So much for a Power Hour with fireworks, instead just fading away in a tight little range.
Not sure what the new polling means for the euro time zone open. With Mr. hard Brexit BoJo at 60% odds of being the next PM I am thinking some people will want to get their investments out of England.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.