On the opening trading day of 2016 I suggested making some charts to take the emotion out of the then-looming crash.
For those of you who’ve been understandably avoiding your portfolio, the crash is here. At least it for some stocks it is (RIP: GoPro).
As I type futures are higher but yesterday started strong and ended in tears. Bear markets, and we are in a bear market, don’t so much have “trends” as thrashing convulsions. Deal with these things as one would an enormous living fish in the bottom of a canoe. It’s caught you as much as you’ve caught it. Caution is advised.
Here are some charts from earlier this year, updated to represent the ongoing nightmare. Back later. Try not to rock the boat…
S&P500: Support at 1860 is too obvious… Headed for 1,700?
1708 is an official Bear Market. If you wait for someone on TV to tell you when a bear market has started you’re going to end up in the Bear’s stomach. I’m telling you it’s a Bear. I’m as qualified as anyone.
Amazon: Filling gaps, as it does…
“Peak Amazon” was pretty good, as graph titles go. Shares are off 16%. History suggests about $525 is a decent spot to start building positions.
Apple: Honk if you’ve lowered your Q4 iPhone estimates!
Rough Day for Facebook
Twitter is like GoPro without the cool cameras… (Yes, I’m still long)
The Red Menace at Summer Lows
awesome – thanks
You’re welcome. Thank you for taking the time…
One day these sketches will be displayed in a museum
Always enjoy reading your work Macke. Keep them coming.
Any thoughts on GoPro as a takeover candidate at these levels?
$2b mkt cap? What would the acquiring co really be buying? Few hundred million cash. A *ton* of ill-will from the retailers who got dicked around by those price changes. Target’s GoPro display went from untouched to out-of-stock chaos overnight after the drop. I suspect the store mgr balked at changing prices on hundreds of cameras in December. (I actually have a picture on my phone GPRO displays at Target before Christmas… Anyone hacking my iCloud would be unbelievably confused and disappointed).
I had an HD drone 2 years ago and it cost ~$250. Not sure what would be in the pipeline to add $1.5b in value beyond the cash.
but we were told that GoPro is more than just a camera on your forehead. It’s a “brand”…it’s a “movement”….it’s a “lifestlye”….it’s….DERELICTE!!!!
Ah, the dreaded Batman pattern. You never know if it’s going to be Christian Bale or more Adam West.
Gacy’s Basement = LOL!!
Jeff do you think that was some quick short covering or do we have a chance to rally from here?
LOL@ twitter bird “nevermore”
Still can’t figure out why the sweet Bear Market started in Jan? It really should have started over a year ago. We should rest around 1755ish, sweet fibo level, then the pits of hell should be 577ish. You can’t kill Thermal Coal and BDI rates and think the central bankers can make it all better imho.