Well, today was one of those days that just felt draining. The main culprit, of course, was gold, in which I had (past tense) a big long position. This is now one ugly graph. The wrenching thing is that, as of Friday, gold looked poised to have a hell of a great week starting today. Umm, nope.
As for equities, it’s simple as can be: we remain in a persistent uptrend, and until/unless that blue line you see below is broken, it’s just going to stay that way. I am seeing a ton of individual stocks that are just begging and pleading to be shorted (and I have complied), but as for the broad indexes, there’s nothing at all especially bearish about them………until they can break that uptrend!!!
Just to give the three remaining bears on the planet besides me something to chew on, here are a couple of interesting short ideas. The first is PVH Corp (NYSE:PVH), shown below, which has completed a beautiful head and shoulders pattern.
The second is Pall Corporation (NYSE:PLL) (and rest assured, I looked at other tickers besides those starting with the letter “P”) which has a really nice broken trendline plus a gap-down:
Let’s take a closer look:
That’s it for me, folks. See ya later!