Massengill Market

It was a quiet overnight session. As I’m typing these words, the /ES is up all of 0.01%. The biggest news the market could come up with today is the US IPO of the boringly-named SK Hynix (HXSCL), which sounds like something you’d come across in the feminine hygiene aisle at your local CVS (CVS).

In fact, they are a South Korea (hence SK – get it?) maker of memory chips, whose chart is below (yes, SlopeCharts charts stocks from around the world!) Put a fork in it, because it’s blatantly obvious this is just a cash-grab from a U.S. market that has been going absolutely ape for semis and memory since March 30th.

Does this look like an opportunity to get in on the ground floor to you?

As I said though, it was a really dull night. I’m not complaining. I’d rather have a flat market (this is the /ES for a full 20 hours!!) than one that’s soaring.

The risk to the one or two surviving bears is the 7605 level on the /ES. It has repelled the market each time, but a clear victory over this resistance would be a huge boon to the bulls, who have had to content themselves with an “up” market for only the past eighteen years.

Shorter-term, at least the semiconductor sector has entered into a slow fade since yesterday morning. The SMH has been weakening steadily, and my prediction from the aforementioned sanitary napkin manufacturer is that in about a week no one is going to care about the IPO at all, since it isn’t going to create the kind of SPCX level of excitement that they want.

This has been a very “meh” week for me, so I’d appreciate if the market gods could throw me a bone. Thanks in advance!