Last Gasp?
Netflix has been grinding at resistance for over a week with no apparent headway.
With stories like this, all the ‘good’ news may already be out (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Auto-Generated ‘Content’
Corning spiked higher in the after-hours session; potentially, from auto-generated ‘felgercarb’, link here.
We’ll have to see if the 3-point spike lasts until the next open.
As of this post just over one hour later, it’s already not looking good; only one point higher.
Corning GLW, Daily
Note the breakout from highs set back in September of 2000, followed a Fibonacci sequence.
And … it’s gone.
As of 6:30 p.m., EST, the spike has been fully retraced (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Quitting in Droves
Behind the scenes at Uber, we have this, link here.
‘Best days are behind us.’ Time stamp: 7:35
‘You could be riding around with a serial killer and not even know it’ Time stamp: 8:21
Looking at the chart, we have a terminating wedge, a trading channel and now this past week, a test.
Uber Technologies, UBER, Weekly
The dashed magenta line shows, price action coming up to test underside resistance, then closing lower (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Positioning
From the Julia La Roch Show link here.
Time stamps are below:
4:00: Insurance companies buying private credit
5:15: ‘Valuation lag’
7:55: Fraud & The cockroach theory
12:00: Lehman Brothers
12:38: No promise of support from the U.S. Government
13:08: Blackrock scrambling for cash
13:55: Positioning
14:40: Financials still overvalued
19:20: Level of risk
27:20: Teapot Dome Scandal
28:50: Trump administration to end in a financial crisis
29:25: Different than 2008
30:00: Commercial bailout?
31:00: Insurance companies & annuities
35:00: Gold standard
36:30: Bank sell-off
36:57: Rate cut
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The Danger Point®, trade mark: No. 6,505,279
What, Was That?
The semiconductor SOXX, ETF just had its largest ever, weekly downward thrust energy.
The last time it got close, was the downside ‘capitulation’ back in early April, last year.
Other than those two events, there’s never been a similar extreme going all the way back to July of 2001.
Semiconductors ETF, SOXX, Weekly
As the note says, it’s unknown if this is an actual kick-off to a sustained downside.
With such an historic print lower, ‘normal’ market behavior is for some kind of upside testing next week (not advice, not a recommendation).
Recall, in the various Ed Dowd interviews, his comments to the effect:
‘When this thing (A.I. mania) starts to unravel, it’s going to happen quickly’
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The Danger Point®, trade mark: No. 6,505,279
They Sell … Wall Street Buys
The earnings release tells an interesting story, link here.
After all’s said-and-done, CRWD still has a negative P/E.
Analysists are optimistic, while the insiders sell millions-worth (not advice, not a recommendation).
A push above resistance (blue line), puts CRWD in Wyckoff Up-Thrust position.
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The Danger Point®, trade mark: No. 6,505,279
An Objective Look
Putting aside the YouTube ‘silver to the moon’ hype, ‘dollar destruction’, and ‘economic collapse’ narratives, along with every other form of hysteria or mania du jour, we’re going to try something novel; like just looking at the chart of silver (SLV), itself.
Silver Tracking ETF, SLV: Weekly
There it is.
The last top and reversal, kicked off a bear market lasting about nine-years.
This time around, downward thrust pressure (Force Index) is more than double that of the previous reversal (not advice, not a recommendation).
It’s interesting, we don’t hear any more stories about silver bullion being flown to the LME.
That’s because the last such flight was (reportedly) way back in October, link here.
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The Danger Point®, trade mark: No. 6,505,279
Another (potential) Short
If you missed-out on shorting Capital One at the all-time highs, another opportunity may be on the horizon.
From all-time highs to recent lows, COF, is down by, 27.78%.
Looking at the chart, there appears to be potential for a minor rally (not advice, not a recommendation).
Any push above resistance (blue line), puts COF in up-thrust position.
Note the 38.2%, retrace level in magenta.
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The Danger Point®, trade mark: No. 6,505,279
What’s Next?
The price segment at left, shows the SOXX reversing from all-time highs, lower into minor support, then retrace.
That move is in line with the Nvidia reversal on its earnings release.
As we’ve heard many times (Ed Dowd, Ox Talks and others), just the hint of slowing sales may be enough to kick off a sustained downside move (not advice, not a recommendation).
Tomorrow is ‘Day 5’ from all-time highs.
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The Danger Point®, trade mark: No. 6,505,279
Nascent Reversal
BARRON’S is reporting, the software sector is ready for a possible short-squeeze.
The chart shows penetration of support into a spring condition followed by a slight rebound higher and potential ‘test’ (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
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