Although the S&P 500 Index/Sotheby’s correlation appears to be broken this year, history says to give it one more shot to see the BID weakness will finally drag the S&P lower.
On the Sotheby’s weekly chart, note the weakness the high end auction house/assorted luxury goodies holder has seen for quarters on end now.
The chart shows the potential for yet another base breakdown. Price seems oversold, punching through the lower weekly Bollinger Band. So, we should either get that washout here, with the S&P likely following suit according to history, or finally a rally which holds and solidifies the bull case for the S&P staying at the highs.
Sooner or later, though, the last few decades of evidence indicates that Sotheby’s tends to be a good market litmus test.
Drop me your top afternoon ideas.
___________________________________________________________
$TZA [full size], short $CAKE, $SGG [small starter]
Good work, sir. Thank you.
$IWM still loose.
covered RRC, back in SBUX short..Initiated small short in Z, and stalking SUI to do the same…Long BAC and WFM long, long term
Good work, Billy.
Cops only job at an accident scene is to clog up traffic and write a summons to somebody. Might have to pin it to the stretcher but what the hell.