Am I seeing faces in clouds, or meaning behind the madness? I have no idea – plenty of selection bias here but I leave you to make your own judgements:
When I look at the TESCO chart I can’t help but be reminded of Gold:
a) A long period of relentless price gains
b) Several years during which a rough “descending triangle” pattern develops
c) A severe break to the downside, sharp enough to suggest fear in the market
I’m fond of many Warren Buffet quotes, including “be fearful when others are greedy and greedy when others are fearful”
The mainstream media has been giving Tesco a hard time lately and it begs the question – has all the bad news finally been priced in? Tesco shares are heading for an old area of support (160p) and I will be curious to see if there’s a significant bounce.
For the sake of Mike Ashley let’s hope so.
Classic case of support becoming resistance. Might we see a flip back to support imminently, on US Treasury Notes? (Futures ZN shown below…)
Despite my lack of video updates lately, rest assured I have been recording my screen. There just hasn’t been any particular news items worth adding to the Harry Hindsight Highlight Reel.
Instead, seeing as it’s the weekend, I thought it would be nice to take a quick look back at the S&P 500 chart, for the last 5 days, making notes of where news contributed to the market action.
Two things to note:
1) The Twitter Rumours regarding a possible emergency Putin Conference caused an obvious stir – but I watched back the replays, and the information came out in dribs and drabs, as you would expect from a social networking source. This was not a classic “free money trade”, despite how it may appear on the chart…
2) I considered drawing up comments on various other charts such as the EUR, TSYS, Oil etc, but I felt the S&P500 nicely captured any key talking points.