Monday, July 19, 2021

Markets: Permabear Chartist Nervously Counts Unhatched Chickens, Notes Potential Carnage in Cryptoland

 Two from Tim Knight at Slope of Hope:

How About This Time?

It actually makes all the sense in the world. A week ago, when the ES was at the most absurdly, laughably overpriced point in human history, even ZeroHedge was posting statements from the vermin at Goldman Sachs about how the market would simply keep going up because the of the goddamned Fed. In other words, why WOULD’T it keep going up? And, in all seriousness, it’s tough to argue with that.

And yet……….

Of course, I trust this market about as much as I trust David Michael Solomon, the head of the aforementioned vermin zoo. That is to say, not at all. Ever since Greenspan sent this nation on an irreversible course to epic disaster, any weakness has been met by the shameless intervention of our betters at the federal government. So it pays to be insanely paranoid.

As a chartist, and loveable permabear, my hesitation this morning is centered on this trendline on the ES. We are pretty much at support as I am typing this.

Support, however, is not a permanent phenomenon. Crude oil has, thanks to OPEC finally agreeing to crank up their output, has broken its own uptrend (and I hasten to remind everyone here that I have been annoyingly bearish on energy for quite a while).....



Bitcoin Breakpoint

It’s getting awfully, awfully close.

Although some lesser coins have already taken the hint....