22Dec1:12 pmEST
Carl Icahn Plays: Danger Ahead, Danger Behind
Driving that train, high on cocaine,
Casey Jones you better watch your speed
Trouble ahead, trouble behind
And you know that notion just crossed my mind
Casey Jones you better watch your speed
Trouble ahead, trouble behind
And you know that notion just crossed my mind
"Casey Jones," Grateful Dead
Regardless of your personal politics, it is fair to say that legendary activist investor Carl Icahn has President-Elect Trump's ear on a variety of matters now. It therefore follows that some of Icahn's related "plays" should be on watch for us into 2017, to see if they benefit from his increased power and influence.
IEP is the main one. But there are plenty of others, too. For now, the IEP daily chart, below, shows plenty of danger behind it. And, now, there may not be very much "danger ahead" except for bears. We want to see if that 200-day moving average now converts into support for a new uptrend into next year and beyond.
As for the market at-large, today we are finally getting a bit more selling coming in. However, we have yet to see any real technical damage on the indices as fund managers close out their books for this year. I will run Members through some levels to keep in mind in my usual Midday Video, coming up.
