Government shutdown/Debt crisis in perspective — see yellow box
- Posted by hcpg
- on October 19th, 2013
Weekly chart of the $SPY — the government shutdown/debt crisis October 01-17 is highlighted in yellow. Could it have been more inconsequential in terms of longer-term price action? No. Did it feel huge at the time it was occuring with social/old media talking non-stop about the potential self-destruction of the country? Yes.
As our buddy Josh sagely writes – “When push comes to shove, the one thing that you can absolutely count on in this world is that rich white people will end up preserving the status quo.”
Market at very interesting place here at top of weekly trend-line channel:
Two things usually happen when price hits top of trend-line: 1) we go back down and have reversion to mean (healthy as market digests gains and then often keeps trending higher) or 2) market explodes higher and breaks channel. We would prefer a lowering back into channel as often gains are more sustainable over longer term. However, as we very well know, what we prefer, and what actually occurs, are quite often different things.
Anyway, with top of channel price action and SPY over the top of Bollinger Bands it should be an interesting coming week. Stay tuned. HCPG
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus