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Strategies & Market Trends : John Pitera's Market Laboratory

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The Ox

To: Glenn Petersen who wrote (21168)	8/9/2018 1:24:29 PM
From: John Pitera	3 Recommendations of 33421

HI Glenn, I was just on the phone with a colleague and we were discussing this exact thesis...... Musk has really got people scratching there heads........... David Faber, who has a supper deep bench of investment bankers, LBO specialists and all shades of deal makers who he knows and has worked with for well over 20 years.... are all wondering what the heck is going on.... Saudi Arabia.... is running cash flow negative..... as they have enormous built in costs for their "great society" programs....... That's the precise reason they are hoping and praying to be able to monetize Saudi Aramco...... to raise the 100's of billions they need over coming years.... They don't 40 or 50 billion to put into a business -- TSLA..... that has such a ridiculous cash flow burn rate going on for multiple quarters. what I can not figure out is the complete collapse in the volume of NVDA in the past 2 months...... look how the 50 dma of volume has been withering away to nothing and the 200 dma has not witnessed a day above it in volume in many, many weeks... from a volume perspective it looks to me like NVDA has been experience some serious distribution since the May conference call ..... and the price and volume action since early June. The SMH.... the semiconductor ETF is also showing volume drying up on the rally and the overall leadership has been deteriorating...... albeit chip stocks like COHU have been going gang busters.... Look at how frightening the Shanghai stock exchange looks on the 5 year weekly chart -- and the Momentum low on the RSI..... has not created a momentum buy divergence yet..... and looking around at other emerging markets such as Brazil.... the 5 year weekly chart is not constructive at all from my perspective... the strong USD has been hurting about 25 emerging markets....... and a number of currencies have been under serious selling pressure.... witness the massive weakness in the Turkish Lira......... a number of country central banks have had to increase rates to fight the fairly pervasive currency flight.... look at the substantial weakness in the Turkish Lira... ------------------------------------ Lira Falls to Record Low as Turkey Grapples to Stem Market Rout By Firat Kozok and Onur Ant August 9, 2018, 6:29 AM EDT Updated on August 9, 2018, 12:21 PM EDT The Turkish lira sank to a record low as concern about souring relations with the U.S. and runaway inflation outweighed the nation’s plans to stem a market rout. The lira sank about 4 percent, while the iShares MSCI Turkey ETF extended a two-day plunge. The currency had initially pared losses after the government set a growth target of less than 4 percent, down from 5.5 percent. The move represents Treasury and Finance Minister Berat Albayrak’s first whack at fixing the $880 billion economy’s vulnerabilities since a market meltdown sparked by last week’s U.S. sanctions. John

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