Commentary

4/22/21 Engulfing to Oreo?

It is definitely relaxing not to have to follow politics all the time now. Some guys actually have brokerage accounts that aren’t tied to 401k, other retirement products or life insurance, so they have to pay capital gains taxes. Just heartbreaking.

Probably more heartbreaking are engulfing patterns. This one seems to be turning into an oreo with vanilla in the middle surrounded by the dark parts. Theoretically you’re supposed to go with the color of the two sides.

The decline over taxes strikes me as several shades of idiotic but if it continues the projected SPY level is 418 – 410 = 8. 416 – 8 = 408 or the 18 SMA we have been discussing.

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