Posts Tagged ‘Bearish Wedge Patterns’

Week of Oct 20 2017 Weekly Recap & The Week Ahead

Monday, October 23rd, 2017

“I will not abandon a previous approach whose logic I understand.” — Buffett

1. Qualcomm Hails Big Victory in 5G — Qualcomm’s long march towards 5G is a few steps closer to reality, as the company showcased the first working 5G data connection to a mobile device via its Snapdragon X50 chipset. The demonstration, shown at Qualcomm’s (NASDAQ:QCOM) 4G/5G Summit in Hong Kong, will up the ante against rivals such as Intel (NASDAQ:INTC) and Huawei in the battle for next generation mobile broadband.
2. China Reported GDP Growth for Q3— China’s economy grew at 6.8% in the third quarter year-on-year, slightly below the previous period but still above the government’s full-year target of “around 6.5%.” The figure will likely boost President Xi’s effort to consolidate power at a quin-quennial Communist party leadership transition, where he will seek to install loyalists in key positions.
3. Lawyers Hunt for California Fires’ Ground Zero to Go After PG&E — lawyers are already combing through the destruction to make a case that PG&E Corp. is to blame. Under a legal theory that private property owners are entitled to compensation for damage caused by public services, a state court judge found in June that PG&E was responsible for a 2015 fire in the foothills of the Sierra Nevada mountains that torched 70,000 acres and destroyed more than 500 homes. The utility admitted the culprit was a tree that fell into a power line. The utility has about $800 million in liability insurance for potential losses. Under a worst-case scenario, JPMorgan Chase & Co. estimated the company faces $12 billion of potential gross liability for fires statewide.
4. Healthcare Sector Recovers after Senate Strikes Deal — the healthcare sector recovered from last week drubbing after two U.S. senators reached a bipartisan agreement to shore up Obamacare for two years by reviving federal subsidies for health insurers. President Trump, during comments at the White House, suggested he could get behind the Alexander-Murray plan as a short-term solution.
5. Senate Passes a Budget, Moving the GOP Closer to Tax Reform — Senate Republicans approved a $4 trillion budget measure late last week, taking a crucial step toward their goal of passing a tax plan this year. The resolution, split mostly on party lines, was crafted through a technical amendment of reconciliation, which enables the GOP to pass a tax bill with a simple 51-vote majority in the Senate.
6. Many of the Indices have Formed Bearish Upside “rising wedges” Chart Patterns — courtesy of thechartstore.com, the charts below suggesting either stocks must explode higher, or a near-term top was at hand. Obviously, the upward explosion has occurred in this parabolic rally, which typically tends to end badly on a trading basis.


The week ahead — Economic data from Econoday.com:

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