Ricks Picks

Bulls Up Against a 10-Year Trendline

EST

The chart shows the New York Composite Index going back to the start of the bull market in 2009. It is from our friend Peter Eliades, editor of Stockmarket Cycles, who notes that the high achieved on July 5 precisely reached a trendline that has held important implications for the aging bull throughout its history. The two red circles represent the trendline’s anchor points which, in Peter’s word, ‘mystically’ define the line’s slope. They occurred, respectively, at the intraday lows of August 18, 2017, and June 28, 2018.

Targets Well Above

Unlike the Dow Industrials, the Nasdaq 100 and the S&P 500, the NY Composite Index has yet to hit a new record high. However, a decisive move past the trendline would greatly increase the odds of this happening. Like Rick’s Picks, Peter has unfulfilled targets well above these levels in the S&Ps. His lie in the range 3200-3400, ours at 3095. The S&P cash is currently trading for around 2979. As long as these targets remain viable, and regardless of whether stocks weaken over the near term, there is little reason to think they will not eventually be achieved.

1 comment… add one
John Jay July 10, 2019, 10:43 am

All the major markets have become little more than ‘largesse-ometers’. Look at the moves in everything Wednesday morning as The Players eagerly await the Fed’s largesse to return with a vengeance. As Lucky Luciano opined when visiting the NYSE back in the day, ‘Suddenly I realized I had made a terrible mistake. I joined the wrong mob!’

Exactly. SNAMU: Situation Normal, All Mobbed Up. It is safe to assume The Players can count on Powell to resume the trend towards ZIRP/NIRP…and that the SEC will continue to issue ‘fines’ that will never be collected…and that Congress will eventually issue a blanket amnesty to tens of millions of illegal aliens, along with ‘tough’ new ‘laws’ that they will never fund or allow to be enforced.

Even if Trump wins again in 2020, he will prove to be little more than a speed bump on the Highway to Hell this country has been on since Ike left office and JFK was liquidated for the thought crime of believing he was POTUS! Your only Deliverance will be making as much money as you can on your own.
Society has gone Mad Max, and it will only get worse as time marches on!

Disturbing, to say the least, to anyone who grew up in a more benevolent America! But, there it is, whether you like it or not!

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