Buyers For Fliers
Tim Knight | Aug 24, 2020 02:22PM ET
When’s the last time we had a down Monday? I think it was back during the Rutherford Hayes administration. In any case, the magic is still working wonders. No need for fancy tools, folks. Just place a case knife on your screen and you can envelop all the price bars as they ascend.
A longer-term chart of the ES shows that we’ve marked yet another never-before-seen high in the market. Are we slated to simply move up .5% to 1% each and every day in perpetuity? Perhaps. No meteor appears to be forthcoming.
This is reflected in a more extreme sense, naturally, in the highly-visible high-fliers that keep ripping 5% or more day after day. The poster child for this is, naturally, Tesla (NASDAQ:TSLA), which was above $2,100 for the first time ever. I did a post on Friday to premium members about my target for this stock, and it seems to be moving there crisply.
The only flickering ray of hope is, as it was last week, the small caps. They are up, just like everything else, this today, but the trend for quite some time now has been for that strength to accomplish just one thing: a lower high.
As I enter the day, I am short 60 positions. Doubtless some of those won’t survive the open, as I have embraced an absolutely intolerance for any losing positions. My focus is going to remain on Slope’s burgeoning trading capabilities, which are well into the testing stage. I look forward to rolling it out next month.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.