Markets went out on their highs, as the Nasdaq finally closed above the big round 3200 handle that had been pesky. Some strong breakouts were registered with GPN LM both taking out cup with handle triggers of 50.83 and 28.62 respectively. CBD took out a 49.16 flat base trigger, and TUP RHI eclipsed 3 week tight pivot breakouts of 77.94 and 36.08 respectively. Barron’s joined the potential “melt up” party this weekend with a forecast for an 1800 S&P 500. I continue to be a strengthening economic skeptic, (therefore in theory a market pessimist) but that’s why I think technicians have an edge against their fundamental counterparts. Do not get me wrong, I want stocks I invest in to be financially sound, but if I positioned myself portfolio wise, the way I view the macro picture, I would have not participated in this recent benign market move. In layman’s terms, although I am doubtful I remain long, until the charts tell me not too. Perhaps a good economic sign to get me to change my view to the positive camp, WWWW, a company that helps businesses get up on the web is acting real healthy. A solid earnings report last week could be some “greenshoots” going forward. A small stock that is close to completing a cup with handle base.
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