Market On Open - Thursday 15 February

In Which Janet Saves Capitalism

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Up. UP Dammit. It’s An Election Year!

I thought this was just brilliant yesterday.

Not being a US citizen I have no dog in the Democrat vs Republican fight, I neither like nor dislike Janet Yellen, don’t care. It just amuses me no end the degree to which politicians of all flavors are happy to be on TV talking the market up. Former Pres. Trump would happily tweet “Dow 30K” and whatnot and Former Speaker Pelosi walked on camera in the midst of the Covid crisis and basically said, well, SPY220 is the low, start buying folks. I love it.

Anyway, back in chart-land, we remain in a nothinburger nowheresville of a situation. New ATHs are not yet being claimed and nor is there any meaningful retracements. Markets will settle on a direction soon I expect. Until then I personally remain hedged in my index ETF and sector ETF positions, and very net long in my single stock positions.

And with that, let’s check in on our usual charts.

Paying members of Inner Circle, scroll down for our long- and short-term take on the S&P500, the Nasdaq-100, the Dow Jones 30 and the Russell 2000 - including the regular ETFs, the futures, the 3x leveraged ETFs and then finishing with a take on sector ETFs in semiconductor, tech, and the Fangs.

(Not a paying member? Sign up right here. If you’re not sure about committing, just take the monthly. If you like it and want to take an annual, we’ll deduct that first month’s fee so you’re not out of pocket. If you hate it, you’re down only $299).

Note - to open full-page versions of these charts, just click on the chart headings, which are hyperlinks.