Tuesday May 7, 2024
ON the 30 minute chart the DJIA is running out of steam. Note the gap up last Friday and then the slowing of momentum. There can always be a few points left but the seasonal of after May go away is upon us. The Transports have not made a new high with DJIA so a non confirmation Dow Theory.
The NASD hit 16.397 today but ended closing down 16.69 at 16,332.
On the two hour chart the bear fund HDGE looks to be making a bottom, check PMO at bottom.
Crude Oil June
In Friday's newspaper column I allowed that crude could bottom around $78 and rally again.. Notice the blue screenshot letters, for some reason the charts are not posting but this sort of url appears and then later defaults to the chart, this just happened with the oil chart. Apache APA has had a small bounce to the upside. Transocean RIG has been rallying from its unexpected low at 5.10, now 5.72
TLT 20 year bond ETF looks like a buy here
The 30 month T Bill yield divided by the SPX average dividend yield is now higher than in 1929. It is said that the overall market is not a buy until the dividend yield is 6%. It is now 1.44%.
I am accumulating SH short SPX, PSQ short NASD, Hedge HDGE short stocks in general.
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Social mood is trending right back to 1968. Universities with their lush Presidential salaries, not to mention all those kissing his or her ring finger, and are ripe for revolt, by protestors and parents.
Harvard's Claudine Gay has the shortest Presidency in Harvard history.
Rutgers Presi dent on the hot seat.
Columbia's Presidenet says it is an impossible situation.
Uh no the Alamo in 1836 was an impossible situation.
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