NASDAQ futures are coming into Friday flat after an overnight session featuring normal range and volume. Price held range. Extended trade was calm.
Economic calendar’s empty.
Yesterday we printed a bloody normal day. It was so boring. No range extension. An impulsive wave of selling hit the tape early, formed a wide initial balance, and buyers spent the rest of the day slowly reclaiming the losses.
Heading into today my primary expectation is for a move up through overnight high 5895.50. This sets up a test of all-time highs, currently printed at 5903. We break through then two-way trade ensues.
Hypo 2 stronger buyers, so strong that they drive price up to 5934 before two way trade ensues.
Hypo 3 sellers, working through overnight low 5869. Buyers down near 5863 then two way trade.
Last Sunday’s Exodus Strategy Session on point so far:
Actually all of you. What is your job and how do you expect robots not to take it from you? The latest video by Kurzgesagt (literally German for “said shortly”) is a video, that describes very quickly, in a nutshell, if you’re into idioms, why journalists and other will be out of work soon.
We are all going to be sitting around eating lotus plants. This has been a core belief at iBankCoin labs for years. Do you have a plan for being a robot overlord?
Those crazy scientists want to have a word with your god about immortality. They are tinkering with ‘His’ DNA in the name of science.
Smart people from UC Berkeley and MIT think they can cure diseases, and several of them have formed pre-revenue public companies. As you might imagine, this is an overlooked space. Your average hairless ape no longer trusts journalists, doctors, scientists, the intelligence community, or anyone considered to be a cuckold.
They’re all limey bastards, right boys!?
Several of these stocks are putting up big numbers Thursday:
A cursory scan of my premium news feeds* shows only Sangamo is hustling this week, but they merely announced an ‘orphan medicinal product designation’ happened, and the announcement was early Wednesday morning.
*Writer’s note: I do not read peasant news unless it is filtered to me via a credible source, like iBankCoin.com or a Russian diplomat.
Sangamo Therapeutics, Inc. ($SGMO) and Pfizer Inc. ($PFE) announced the European Medicines Agency has granted orphan medicinal product designation to SB-525, a clinical stage cDNA gene therapy candidate for hemophilia A. The designation provides incentives to advance the development and commercialization of orphan medicines.
So the move happening Thursday is pure, news-free buying. Put simply, investors are giving a vote of confidence to CRISPR.
It has been a rough couple of weeks. The stocks ‘needed’ to catch a bid. The action has been discouraging, even sad. Like Lana Del Rey levels of sadness.
And while the price action is still quite discouraging, and yes, this idea may end up ultimately failing quite soon, today’s action—the sharpness of it—inspires hope that the war against science may be nearing an end. Perhaps one day soon investors will crave CRISPR science much like they desire Elon’s (all Praise and Glory to The Leader) electric creations.
Once CRISPR delivers, the science community will help all the sick and demented live much longer. These 150 year old citizens will need tasks, even self-imposed ones like thinking they need to keep up with political theater, or else the low IQ masses will turn against us again.
Sooner, rather than later.
Long live science! Long live discovery! No more living in the past in summary!
Thu Jun 8, 2017 9:10am ESTComments Off on All Reason For Concern Cleared; NASDAQ Back on The Highs
NASDAQ futures are coming into Thursday gap up after an overnight session featuring normal range and volume. Price worked higher, in two phases of discovery, unmitigated by selling pressure, ultimately making its way back to record highs. At 8:30am Initial/Continuing jobless claims data came out mixed.
There are no other economic events today. There may be some political events which are likely only distractions. If there not, it will become evident on the tape. No sense in paying attention to political theater.
Yesterday we printed a neutral extreme up. Recall, on Tuesday, it was the opposite, neutral extreme down. There was selling pressure yesterday, but by the late afternoon a strong responsive bid stepped in and we spent the rest of the day auctioning higher.
Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 5934 before two way trade ensues.
Hypo 2 sellers work into the overnight inventory and trade down to 5887 before stalling out, leaving an open gap behind before we resume trading higher, up through overnight high 5897.50 before two way trade ensues.
Hypo 3 stronger sellers work a full gap fill down to 5880.25 before two way trade ensues.
Wed Jun 7, 2017 9:08am ESTComments Off on NASDAQ on Shaky Ground Heading into Wednesday
NASDAQ futures are coming into Wednesday gap up after an overnight session featuring normal range and volume. Price held Tuesday range during extended trade, slowly retracing the impulsive sell-move seen late Tuesday afternoon. At 7am MBA mortgage applications was a huge number. Housing is hot.
Also on the economic calendar today we have crude oil inventories at 10:30 am. This data may be looked at more closely amid the negative news flowing out of Persia (Iranian gunners in their ‘Parliament’ building and Qatar being eliminated by its brethren). We also have consumer credit at 3pm.
Yesterday the NASDAQ printed a neutral extreme down. Price worked higher all morning, and after briefly going range extension up, to new record highs, we fell back into the midpoint.
Like a potential failed auction.
Then, late in the day the failed auction confirmed when a hard sell pushed through the marketplace.
Heading into today my primary expectation is for sellers to press into the overnight inventory and closer the gap down to 5863.75. From here we continue lower, down through overnight low 5858.75 and 5857.25 before two way trade trade ensues.
Hypo 2 buyers work higher, up to 5887.75 before two way trade ensues.
Hypo 3 strong sellers press down though 5853.25 triggering a liquidation down to 5838.
***Note: profiles are thin in both directions, today’s action could be fast***
Praise and Glory to our Visionary and Leader, the venerable and diplomatic Elon Musk (Praise)! The corporate Twitter account for Tesla, a company so prolific, so disruptive that it strikes fear into the core of Detroit’s ugly and iconic General Motors headquarters, the very corporate twitter account that regularly informs Us (the chosen people) about our future as citizens on Spaceship Earth—the Tesla twitter account opened up to take questions ahead of their Tuesday shareholder meeting.
Send us questions today for Elon to answer at our Shareholders Meeting tomorrow
Now, say three Hail Elons for peering with lust at the sexy corporate logo. It is okay that it looks like a vagina. You are forgiven.
NEXT, look what this surgeon from the very gender-neutral city of New York asked Our Last Corporate Hope. He asked an intangible corporate entity if they wear boxers or briefs! Corporations are considered individuals by tax code, but they don’t wear cloths Roland, silly goof!
Then, something magical happened. As east coast believers in The Mission of our Leader said their evening prayers to Space X and The Boring drill, His Holiness emerged on Twitter, a civic forum operated out of goodwill, and said the most amazing thing ever. EVER! He does not wear underwear.
Wearing anything at all is just a conspiracy by the capitalist running dogs of Big Underwear
There are two types of people in this world. Those who follow the rules, bend the knee to authoritarian rule, then there are the ones crazy enough to think they can change the world. Are you going to be this asshole?
And call you wife ‘Mom’? Or are you going to build time machines and cavort around the world with the finest actresses and supermodels?
You have to learn the art of not giving a fuck if you want to stand a chance as an independent business hustler. They want you broken, saddled with debt, consuming out of necessity, and plugged into their corporate matrix.
Are you crazy enough to not wear underpants? Our Leader is, and shares of $TSLA are at record highs. Think about it.
Writer’s note: I am long Tesla shares and will not sell. Instead more will be purchased, quarterly, in perpetuity, and the shares will be bestowed upon my litter of children. Also I love underwears, especially from Fruit of the Loom.
Tue Jun 6, 2017 9:09am ESTComments Off on NASDAQ Lower Heading into 6.6
NASDAQ futures are coming into Tuesday gap down after an overnight session featuring normal range and volume. Price worked lower overnight, down through the daily low from Monday, and found a slight bid as we head into cash open.
The economic calendar is extremely light today. JOLTS job openings will be announced at 10am and there is a 4-week T-bill auction at 11:30am.
Yesterday we printed a normal variation up. The day began with a slight gap down. Buyers worked into the overnight inventory and closed the gap then continued higher, briefly pressing range extension up before we settled into a slow, two-way trade.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5881.25. From here we continue higher, up through overnight high 5883.25. Look for sellers up at 5882.75 and two way trade to ensue.
Hypo 2 buyers stall out at 5876.75 and fall down through overnight low 5864.50. Look for buyers down at 5850 and two way trade to ensue.
Hypo 3 strong sellers press down through overnight low 5838 and trigger a liquidation down to 5838 before two way trade ensues.
Mon Jun 5, 2017 8:54am ESTComments Off on Calm Bull: NASDAQ Begins The Week Slowly
NASDAQ futures are coming into Monday flat after an overnight session featuring normal range and volume. Price worked sideways, holding inside the upper quadrant of last Friday’s range.
The economic calendar features several low-impact events. At 10am we have ISM Service composite and Factory/Durable goods orders. At 11:30am we have a 3-month T-bill auction then at 1pm a 6-month T-bill auction.
Last week US markets worked higher. There were a few mornings early in the week that were dominated by sellers, but both times the sellers found a strong bid and the auction continued to move up. By the end of the week the rally accelerated. The performance of each major index is shown below:
On Friday the NASDAQ printed a trend day. Price worked higher all session long, probing record highs in a continuous, upward manner.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5886. From here price continues higher, up through overnight high 5886.75 before two way trade ensues.
Hypo 2 strong buyers bid price up to 5934 before two way trade ensues.
Hypo 3 sellers press down through overnight low 5875. Look for buyers down at 5870 and two way trade to ensue.
Hypo 4 sellers sustain trade below 5870 triggering a liquidation down to 5838.
Being bearish heading into June was the first significant misstep generated by the IndexModel in a year. All other short biases have demonstrated utility. Last Sunday’s did not.
Excellent news friends! The model is bullish again. Nothing crazy. It is simply calling for a calm, summer-breeze drift, perhaps with a slight upward bias.
There was another terrorist attack in London. The poor town is being haunted by religious fanatics of the Muslim variety. The sad events triggered the freaked-out Christians who open their social media accounts and spew hatred.
Then it was my turn to be an idiot. One of my worst vices was activated, which is a mistake always, to turn on the anti-Christian rhetoric. Sadly, it is a favorite Sunday pastime.
Most of you are Christians. Which is fine. So far Christianity is the leading brain-virus in the world. It outpaces Islam, liberalism, even capitalism. Do any of these intangible systems care about their host, or do they only strive to exist as long as possible?
How can you be certain Christianity is winning? Look at a calendar. Ask a Chinese person what today’s date is. How do they tell you what year it is in India? Time begins for all when the Christian god was born on earth as Jesus.
Capitalism is in second place. They sold me on capitalism. I pray to Janet Yellen at least 4x/month and have built temples upon their indulgence slips aka the US dollar.
Maybe in 3rd or 4th is Muslims. I happen to live a few minutes from the largest Muslim population in the United States. I work with them regularly and have never encountered someone unsavory. They are faithful, and kind, and damn fine merchants. They love to haggle, and so do I. We find common ground in capitalism and building palaces.
MY FRIEND, THIS IS BEST PRICE. FOR YOU ONLY.
Last week, when our authoritarian leader ditched the Paris climate accord, I was sitting at my parent’s house feeling morose. Mom took a phone call. It was her aunt who was making her first call to share the bad news. Uncle Jim was dead.
My mom dove headfirst into Christian folklore, “he’s in a better place now,” emphatically she continued, “now Jimmy is in heaven with Steve and John and…” she listed a solid eight people.
“An angel took him by the hand and they flew up into the sky.”
When I heard this I had give a side-eye over to my old man to see his reaction. Being considerate of the moment, he only gave a small chuckle while rolling his eyes.
Listen, I get it. Especially for older people, these are comforting beliefs. And I am all about having a ceremony at death to help loved ones cope with the trauma. But death has never bothered me. It is as normal as birth or breathing or leafs falling off a tree in October.
From my perch, death is the trump card Christian charlatans use to hook you into their churches and get your money. Adam Ruins Everything threw the entire death industry under the bus one time:
If you believe Christians will remain in charge, go long $SCI and never sell. You can use the gains to fund your funeral.
As for yours truly, my will is already written. It upset my parents when I had it drafted before the tender age of thirty, but I had to make sure nobody wasted money. Ideally, they would just throw by body in a dumpster, but NO! I had to settle for a natural burial.
Natural burials have the added bonus of, if I somehow come back to life, giving me a fighting chance at digging myself out of the ground.
All this being said, I do see God all the time. Just last week I saw him in the breathtaking waters of Bruce Peninsula. During the winter I usually see him way up in the Rocky Mountains. But I will never step foot in a church unless it is out of respect for some other living human.
As for the markets, they proved my quant model wrong last week, but fortunately it is not a stubborn ideology—model flipped back to bullish on Sunday. Technically, had I paid better attention to Exodus, the model flipped on the close last Thursday.
Exodus members of all faiths and political belief, the 134th Edition of Strategy Session is live. May it serve you well.