It’s becoming increasingly difficult to wax poetic about a market that's doing absolutely nothing. Just look at what has happened over the past ten weeks on the ES -- no net change:
Sure, it has had its ups and downs, but the market is, on the whole, trendless.
The big news is Wednesday's crude oil breakout based on the OPEC deal (to be put into action in November, evidently). I’m intrigued by ZeroHedge’s deeper look at this deal, since it appears to be a lot more smoke and mirrors than a meaningful suppression of supply. All the same, the market liked what it heard and presently the price bar is resting daintily on its trendline, which now appears to be assuming the role of support.
It dawned on me that the charts for Mylan (NASDAQ:MYL) (of Epi-pen fame) and Wells Fargo (NYSE:WFC) (of creating-bogus-accounts fame) seemed a little similar, so I laid them on top of one another. Sure enough, in spite of being in utterly different industries, the charts are quite similar. We can think of this as the Reputation-Being-Destroyed-Forever pattern, sort of like Volkswagen (DE:VOWG_p).
