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Tim Knight Says the One Number Holding Up the Market Is Finally Breaking
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ticker lesson
Breakdown
0:00lesson
ES trend line break and market failure
- ES erased 3 days of nonsense
- Back to Monday lows
- Break below Friday lows to open closet
- ES down over 1%
- Trend line break was gamechanger
2:06INQ· ticker
INQ trend line failure and support at 536
- Trend line failure on Friday
- Closed below trend line
- Respected resistance at peak
- SMH at 536 acted as support
- Broken trend line adds bearish wind
4:07lesson
Market overvaluation and Apple internship
- Market falling despite good reports
- Overvaluation signaled by lack of movement
- Apple internship in 1987
- COO Del Yokum impressed
- Internship at Apple was big deal
5:51SpaceX· ticker
SpaceX support at 150 and unlock day
- SpaceX stuck at 150
- 500 megawatt electromagnet
- 28% float released
- Unlock day was one hit wonder
- Market back to pre-earnings levels
7:52KO· ticker
KO short position and leveraged ETF behavior
- Short KO as brat position
- Leveraged ETFs like funhouse mirror
- Best head and shoulders top
- Down 11% today
- Measured move is large negative
9:46China· ticker
China short position and oversold
- China down 1.78%
- Oversold but not overbought
- Most reliable down market
- Trimmed position
- FXI leaking lower
11:31XLU· ticker
XLU short position and interest rates
- Exited XLU short position
- Interest rates declining
- Put positions stunk
- Short position not behaving
- Flight to quality in bonds
13:19lesson
Market outlook and election impact
- Market moving to downside
- Bonds up at 5% yields
- Flight to quality
- Uncertainty about election outcome
- Speculation on Elon Musk
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