(Confessions of a Stock Operator)
Start Date: 9/20/2018
After hitting a high of 240.32, the S&P 500 has pulled back some. What’s next for this market? I can with confidence say; I am not sure because like I blogged about several months ago, the markets are uncertain. Get accustomed to that!
However, if I am to use my charts as a guide, I would say we hit our first level of support today at the 235 levels.
For me to remain confident in this bull market; I would like to see another pullback to the 232-233 area.
If it dips to 228 and consolidates in this area for several weeks/months; I would begin calling the market a raging bull. And will begin to go all-in!
Those are my levels.
The S&P 500 Hit All-Time Highs!
Who would have thought we’d see this print with all the ‘uncertainty’ that has surrounded the markets? I am not sure who else predicted it but I know; I did. Read here and here.
Snapchat goes public for the first time! Or rather, a picture is worth a 1000 words.
If we are to accept this statement as true; what then should we think of Snapchat’s financial picture?
Snapchat has plans to IPO this Thursday. Although the final numbers aren’t in; they are expected to price at a higher range of $17-18/ per share. That gives the social media giant a valuation of about 23 Billion Dollars (200 million share count). Which means they will be trading at 23x sales on day 1! To be clear, none of the last two statements contained typos, 23 BILLION/ 23x sales!
Today Macy’s reported earnings and the results were mixed (bad). Lower sales, lowered guidance, stores closing and eight straight quarters of decline, among many other things.
Let’s be clear, there might be a Miracle on 34th street but only when Christmas time rolls around. For Macy’s; I believe it’s a straight up nightmare.
And I don’t mean the way President Donald J. Trump insists!
I am not here to debate whether they are “currency manipulators” or anything of the sorts; but rather to ask the question: is it time to get back into China?
Tesla is Worth 43 Billion! Say What?
Okay! For a company that’s barely churning a “profit”; this is incredibly laughable! But is it? This company came out the gate, establishing itself in a league of its own! Take for example this fact:
Prior to $TSLA, the last automaker to go public was???
What a wild ride with this stock? A year ago I recommended this stock to free subscribers and we saw the stock go from $21.50 (initiation price) to a high of $31.19 in just a short few weeks. Netting traders an all around solid gain.
Since hitting that high back in August of 2016; shares of $AOBC has taken a nose bleeding nose dive and the stock currently trades at $18.41. How did we get here?
Be Like NIKE and Just Do It!
Is it time to buy? Since hitting a high of $68.19 in December of 2015, shares of Nike ($NKE) has lost almost 20% of its value. And with a low of $49.01 the week of Oct 31, 2016; many but all threw in the towel with this stock.
This Bull Market isn’t over 7 years old as many have touted. She just turned one. At least that’s what my charting skills has said to me.
I projected almost a year ago that we will be where we are today! So much so that I freely told it to everyone that cared to listen to me. Anyone who’s a free subscriber got this information May of 2016! Almost an ENTIRE year ago, read my blog here to find out more. And others received it earlier than that.
Anyway, enough of the “gloating”. It really isn’t gloating; it’s just another point in the bank for us “chartist” that are constantly discounted.
Look at the chart below and you’ll see why I think this Bull Market isn’t 7 but only 1 years young!
Tina "ShortMeTina" Ley (pronounced Lee) holds a Bachelor of Arts in Forensic Psychology and a Master's of Science in Mental Health Counseling and has been a stock market participant for over a decade. Currently a Full-Time Trader and Blogger of all things financial.