A Ton of Charts Incoming

Update: Bumping. Seeing breakdowns in some of these charts.

I have seven chart posts that will be posting into Monday evening. The first one posted already. This post is forward dated to sit on top until they all show up.

For the screen, I searched for stocks that are down and also experienced a surge in volume. There are a lot of good setups and many of the stocks that cleared the screen are ones that are familiar targets around these parts. I didn't post everything I found, but I also didn't narrow it to the best setups. There are more than 100 charts, with a maximum of about 20 in each post.

I do not expect the market to drop right away this week, but if it does, I may dump all the posts at once because they may quickly lose their value if the correction turns into a panic. Not all are completed targets, some have a ways to go, but I included many because they are in the same industry or sport similar patterns. Biotech, homebuilding, building materials, semiconductors, cloud and recent IPOs are some of the stocks that keep popping up.

Stock Screen Results: Biotech is Doomed

More Screen Results

Screen Part Three

Screen Part Four

Screen Part Five

Screen Part Six

Screen Part Seven

I posted this over the weekend: Echoes of CMGI in Tesla and ARKK

My general sense of the current market is that we're close to a moment of recognition, when the money managers and institutions realize it is too late to exit their positions. Many charts have broken through support, many more are very close. The bulls still don't believe bear markets are a thing and the bears are afraid the Federal Reserve will choose the stock market uber alles again. I can't help but see this generalized to the realization that lockdowns were extremely destructive policy that have "permanently" damaged the economy. The opposite of a recovery is coming. The economy cannot bounce back in the same way an abandoned mine cannot be immediately brought back into production. The economy wasn't placed on care and maintenance, it was shut down and atrophied. The average family will be facing approximately $5,000 in higher costs this year (it was $3,500 last year), but without stimulus money. Maybe also the realization that the not-vaccines are closer to being a crime against humanity than a way out of the pandemic. The realization that the Federal Reserve blew a giant asset bubble that will be have to be sacrificed. That all of cryptocurrency is wildly overvalued today, in the same way that many doctoms disappeared in the the early 2000s and Amazon fell 95 percent during the dotcom bust.