Global Markets Roundup: Roll Over. Play Dead
Tim Knight | Jul 09, 2017 01:16AM ET
Hello from the Google (NASDAQ:GOOGL) campus Starbucks (NASDAQ:SBUX), where I again take keyboard in hand to share some bearish thoughts for the week ahead. I was able to share some ideas related to worldwide markets, which I think create a pastiche of ursine possibilities.
Broadly speaking, I am seeing three different kinds of situations with these international indexes. Some of them had bullish breakouts which have since failed. Others are at extremely high prices relative to their broad histories. And others, like the Straits Times Index below, are getting repelled by overhead supply.
The Jakarta Index is, to my eyes, a jumping-up-and-down, screaming short. Indeed, I dug up a few Indonesian ETFs, i was so excited about this chart. I mean……..just LOOK at it.
Britain is no different; we can see the mid-caps of the FTSE rolling over here:
With a similar situation in Germany.
Let’s drink in the bigger picture of the very important DAX for a moment. The shorter-term graph, already shown above, illustrates the rollover. Looking at the big picture, you can see why our bull friends should be feeling disappointed, because until recently, the German market had been sporting a powerful breakout. No longer. The breakout dangles now like a spent member, exhausted from attempts to plant the seeds of endlessly-ascending prices into his lady fair.
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Little different are things across the channel, as the French market breaks down…
……from what, too, had been a recent bold breakout for bulls. The ascent has turned to merde.
Throw a shrimp on the barbie, because your time is better spent enjoying a beach grill than waiting for the Australian market to rise…….
……since it, like all the others, has turned around, not even managing to achieve a breakout in the first place.
I’ll close with the red light district. A fitting color, methinks, giving where worldwide equity prices are about to go in the weeks and months ahead.
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