Apple buying Beats for $3 billion which doesn’t seem so outlandish unless it’s a junk company.
In the indie flick, Chef, the blogger/ food critic sells his blog to AOL for $14 million which does seem to hint at the AOL Time Warner merger that marked the technology bubble top back in 2000. Is AOL still around??? The Chef/ El Jefe does promote his work on Twitter quite extensively in the flick and even gets in a twitter flame war with the aforementioned critic. He takes his show on the road, going indie buying a food truck and selling his wares starting in Miami (South Beach), then to New Orleans, and then back to LA. The flick does seem to be a social media homage to the tech times we live in and has extensive numerology sprinkled throughout the story.
I thought the French Open ended this weekend but it looks like we have another entire week to see if Federer survives.
They’re ringing the bell at the top with the Ballmer/ MSFT take-over of the Clippers for $2 billion to bring closure to the Sterling/ Clippers ritual. Bull market icon Donald Sterling bought the Clippers in 1982 (31 yrs ago) for $12 million and now will sell them for $2 billion. I guess this ritual was symbolic of the impending demise of the great bull market …and a retreat back to 1982-1987 levels? Sterling was also a developer of luxury apartment buildings so he is quite representative of the great bull market but he does get bailed out to the tune of $2 billion.
We are so close to a top now it’s not even funny. Whether it’s today or tomorrow morning I don’t know but with the DOW almost at a double top, the Nasdaq pretty much at one already and the S&P Futures near the Apex of a rising wedge I have to think a 2-4% drop is really, really close.
Ok, all we need is some positive news tomorrow morning (Jobs claims?) to get another gap up that should hit the rising trendline overhead where we can short it. It’s hard to see exactly where that level is at on my charts as it’s a rising trendline and we are at new high, therefore it’s off the chart. But I suspect it’s currently around 1920-1925 SPX area.
The first hit of it has about an 80% chance of a pullback to follow. Now how much of a pullback is unknown but it’s still worth shorting in my opinion. I’m not looking for a big move down as I really don’t think we’ll get more then 1-3 down days in a row (2-4% pullbacks) until mid-July when I think we’ll top out for a much bigger correction.
Never the less it’s worth trading I think and I’ll be looking closely at that trendline for a hit of it to short. Until then I’m on the sidelines. While I could have went long I’d rather not chase the last 1% move up.
Apple buying Beats for $3 billion which doesn’t seem so outlandish unless it’s a junk company.
In the indie flick, Chef, the blogger/ food critic sells his blog to AOL for $14 million which does seem to hint at the AOL Time Warner merger that marked the technology bubble top back in 2000. Is AOL still around??? The Chef/ El Jefe does promote his work on Twitter quite extensively in the flick and even gets in a twitter flame war with the aforementioned critic. He takes his show on the road, going indie buying a food truck and selling his wares starting in Miami (South Beach), then to New Orleans, and then back to LA. The flick does seem to be a social media homage to the tech times we live in and has extensive numerology sprinkled throughout the story.
I thought the French Open ended this weekend but it looks like we have another entire week to see if Federer survives.
They’re ringing the bell at the top with the Ballmer/ MSFT take-over of the Clippers for $2 billion to bring closure to the Sterling/ Clippers ritual. Bull market icon Donald Sterling bought the Clippers in 1982 (31 yrs ago) for $12 million and now will sell them for $2 billion. I guess this ritual was symbolic of the impending demise of the great bull market …and a retreat back to 1982-1987 levels? Sterling was also a developer of luxury apartment buildings so he is quite representative of the great bull market but he does get bailed out to the tune of $2 billion.
SPX Update: http://screencast.com/t/Ak6Lyw35DNy
ES Chart update: http://niftychartsandpatterns.blogspot.in/2014/05/es-chart-update_30.html
SPX Update: http://screencast.com/t/1cVysMdUxvL
We are so close to a top now it’s not even funny. Whether it’s today or tomorrow morning I don’t know but with the DOW almost at a double top, the Nasdaq pretty much at one already and the S&P Futures near the Apex of a rising wedge I have to think a 2-4% drop is really, really close.
http://screencast.com/t/PKhpJDrroyb
Silver chart update: http://niftychartsandpatterns.blogspot.in/2014/05/silver-chart-update_29.html
Facebook chart update: http://niftychartsandpatterns.blogspot.in/2014/05/facebook-chart-update_29.html
Ok, all we need is some positive news tomorrow morning (Jobs claims?) to get another gap up that should hit the rising trendline overhead where we can short it. It’s hard to see exactly where that level is at on my charts as it’s a rising trendline and we are at new high, therefore it’s off the chart. But I suspect it’s currently around 1920-1925 SPX area.
The first hit of it has about an 80% chance of a pullback to follow. Now how much of a pullback is unknown but it’s still worth shorting in my opinion. I’m not looking for a big move down as I really don’t think we’ll get more then 1-3 down days in a row (2-4% pullbacks) until mid-July when I think we’ll top out for a much bigger correction.
Never the less it’s worth trading I think and I’ll be looking closely at that trendline for a hit of it to short. Until then I’m on the sidelines. While I could have went long I’d rather not chase the last 1% move up.
Donovan does wear #10 so his sacking from the US team does appear to be a ritual even though it probably is deserved.