My largest concerns expressed this morning came true.
Nay, today was not a bloodbath, but technically, it ended in disaster.
Here are the major index charts reflecting the last 30 minutes of the market:
OUCH. So much for the “Amazon” rally.
But how did the NASDAQ do?
Of course the talking bullheads will say that this means a short term rally is in order. Sort of. Kind of. Please buy our crap so we can bail.
The S&P 500 was just as ugly:
These charts and the low volume “rally” are not indicative of a good day at the office. With WTI crude topping $92 for a good part of the day, Brent above $93 it does appear the big bad bear is preparing for a good time.
Thus why? As I pointed out this morning, Amazon’s earnings headlines were suspect. As the day went on, reality set in that reality and AWS were mirages and the other nonsense was just an accounting trick. Updating the chart from yesterday did not help them and the technical formation is pure 100% dogshit no matter how one looks at it:
Too bad the young’uns didn’t listen to us old farts and hedge first.
This will be a bloodbath in the next 90 days and the bears are enjoying “themselves” watching the permabulls sweat like some of the political pump and dumpers that they are.
Right Tom Lee?