ABSResearch

ABSResearch

Easterly RocMuni RMHVX Meltdown: Déjà Vu of Oppenheimer’s Rochester Muni Collapse Man, what a gut punch for RMHVX investors! This thing went from “safe” muni bond fund to absolute chaos in weeks. Down over 60%—shares tanked from $6.35 to under $3! Reminds me eerily of the Oppenheimer Rochester Muni Fund collapse back in the day. Same story: high-yield promises,...

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Verint Systems reported revenues this quarter amounting to a whopping $210.17 million. If you like keeping score, this is a negligible decrease of 0.1% year over year. Their earnings per share (EPS) was $0.49, a tad more than the $0.48 EPS they reported a year ago. Just a heads up though, the boys and girls at Wall Street were estimating this quarter’s revenue...

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Many of you probably don’t know, but I trade S&P 500 Futures, so I always watch the market. A few people ask me what is happening with S&P 500, so I thought I would pass on a few notes. As of writing this email, the stock market is showing mixed performance today, with the S&P 500 and Nasdaq Composite down while the Dow Jones Industrial Average is slightly...

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The Micro E-mini S&P 500 Index Futures (MESU2024) have exhibited a strong bullish trend within a well-defined upward price channel. The past week saw notable price movements and trading signals, providing both opportunities and challenges for investors. Key Observations Price Channels: Upper Resistance Line: Approximately 5,580 Lower Support Line: Approximately...

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Looks like a bullish setup before the Fed. That being said, I think it could go either way.

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ES did a classic dive from slightly below the POC to VAL, jumped up to the VAH, and now dropped back to POC.

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It looks like AT&T is about to break support. Debt and old business ideas may be holding it back. Locally we just got high-speed fiber from T, so maybe it will turn around.

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It looks like the bitcoin bear trend is breaking..

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It looks like the strong Dollar trend may be breaking.

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Looking like the bull run is losing steam. I had thought it would go a bit more, but it is turning bullish.

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Apple (one of my favorite stocks) appears to be bearish but going sideways. It is above S1 at 1237 and RSI weak. I would personally wait till after the holiday sales report to buy, but very promising.

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Google continues the bearish trend and is breaking through all the supports.

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It appears that there is definitely a short-term bull rally, but it could easily die fast. In order for the bear trend to reverse, I think we will need to see the S&P 500 break R1

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I have been watching Bitcoin for a couple of months now and tend to think it has met the support of around $20k. However, I think it could crash more if the stock market drops.

ABSResearch Updated 

The S&P revisited its 200-day MA in the second half (2H) of the year in 21 out the 35 years in which the S&P did not close below its 200-day MA during the first half of the year. In other words, statistically there is a 60% chance that the S&P will catch down to its 200DMA (SPX 3,863) which at last check is about 17% lower than the spot price in the index, which...

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Quick note: Looks like the bearish trend for the S&P 500 is continuing. I don't think we will see any price consolidation or support until the market touches the 50MA.

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Today's chaotic open has reshaped into another leg lower. Nasdaq is currently experiencing its worst year-to-year start in at least 30+ years. It is slightly worse than 2008, and the longest losing streak for a weekly since Sept 2020. Importantly, the S&P 500 recently broke below its 200DMA and key support! The bears are definitely in charge.

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I think bitcoin may have reached enough resistance at S1 (roughly 40K) and is now consolidating. Many have speculated as to the reason for the sell-off, but it seems to me that is "normal" for crypto due to the fast and sudden rise. Investors should be ready for much larger drops compared to equities.