What We're Reading

I'm not saying that we're there. I wouldn't be surprised to see a wage five higher into 2016 before a bear market steps in but "signs" such as shown here are good to learn (and prepare).

From an old 2014 newsletter from Variant Pereceptions

With all of America's 401k's flowing into equities and with CNBC continually saying bonds are the worst trade around, one has to determine if continuing to buy here is the smartest way to go or take partials, roll up your stops and raise cash rather than buying this top.

Technically the monthly chart shows MACD posed to bear cross although the month is far from over.  The bollinger band is flattening out which does not say to "buy" here but remain cautious and sit on hands.

Here TLT for a quick glance at the monthly and yeah, it's still selling.  Could see a temporary bounce (here or there) but overall, the trend is still down so equities (or cash) it is.

I believe traders are taking profits at this fibonacci extension ahead of the June FOMC meeting and why not.  The 10 year Treasury has been on a move and if the Fed doesn't raise (which most don't think it will) it can return to oversold and ramp up again before September.

QE is over.  I repeat; QE is over.  The market must

Provided without commentary.   Fee free to add your own.

Beware "Bear-Mageddon" says Mike O'Rourke, Chief Market Strategist at Jones Trading in this talk with Hedgeye's Keith McCullough.  Hat tip to StockBuz member Ed (@vette_ed) for this insight.  We miss you buddy!

Art Cashin called it.  Wasn't difficult to spot.  Possible bounce off of the February low.  Now what?  Next stop.........right shoulder?  Short trading weeks tend to be bullish.  We shall see.  I know I'm eager to re-short names at their falling 20d or 50d.  At least there, risk would be defined.  How about you?

Merely a thought but could the IPO of gamer $KING have been the top for the much heralded Nasdaq?  After $FB $TWTR $ZNGA and now $KING, maybe the market held out just long enough for the $KING IPO before ringing the register.  Maybe the market has decided enough is enough when Farm Heroes pulls a $20/share price and a $6 billion market cap.   Just sayin'.  It's not a "thing".  They don't produce a product.  It's.......a.......website.  

Many in the twittersphere have already commented that this strangely feels like the 2000 top and when growth names like $AMZN and $NFLX can't get any loving, maybe they're right.  Maybe the $KING IPO was the top.  If so, they'll be doomed to the OTC graveyard faster than Jimmy Johns can deliver your lunchtime fare.