hogged the news part of the day on Monday. Powder-Gate billows on, truth or canard. Either way J&J held on. In this market that means it lost only -2.3%, half of Amazon’s loss. That’s right, a 2.3% loss ranks as performance now.
The emblem of our current market came after close on Fast Money. A guest straight out of the Bitcoin realm proclaimed what “a great year it’s been.” Hasn’t that coin deflated like a punctured balloon? Well, hope is an intoxicant and an analgesic. But don’t pass that around. Hope is not reality. But this is:
The trend is your friend. That means long-term investors are friendless. The only trend now is down, with a Death Cross kicker. 007 could’t escape this down-suck, but you can if you sell.
$SPX, 12-17-18, close.
We do not “see value here.” Nor is anything in this market a bargain–unless you know something wonderful hiding in the chart, something wonderful and invisible. Late afternoon brought out a life-long bond guy. The CNBC audience watched as he explained that “This is a bear market. We’ve had the first leg, and the second is usually worse.”
$SPX, 12-18-18, before pre-market.
They say the bond market telegraphs what’s in the wind for equities. O.K. We know that growth has been dying hard, right before our eyes. The digital revolutionaries Align Technology and Teledoc have contracted like the British Empire. Amazon has been both kicked and punched like some aimless punk strolling Copacabana Beach at midnight. No thanks.
Danger is in the air and bloody in the charts. Tomorrow remains opaque today. Scaling-in, buying the dips, seems a true sucker’s game. And what about those prattling on about “value here?” Only perma-bulls, gamblers, or sales people could say that now. The trend is you friend. That renders the longs friendless until further notice. Don’t buy, anything.
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