Summary
This email from Phil Anderson provides a market update focusing on diverging market breadth despite major index highs. It highlights short-selling opportunities using a ‘descending triangle’ pattern, notes weakness in crypto-related stocks, and references the late June solstice as a period of potential market weakness. It also discusses the exit of FCX from the Mex Pete model portfolio due to a false breakout.
Key Claims
- 2026-06-09 Gann 16 Portfolio Update (2026-06-09): “Although the Dow has been a laggard to the action seen in the S&P 500 and Nasdaq, the Dow joined the party in moving to new highs in late May, diverging from our forecast curves.” — confidence: high
- 2026-06-09 Gann 16 Portfolio Update (2026-06-09): “The NYSE A/D line made a peak around mid-April and has yet to recover to new highs. The percent of stocks trading above their 50-day moving average (MA) across major exchanges in the U.S. rose to the year’s high in late April and has pulled back ever since.” — confidence: high
- 2026-06-09 Gann 16 Portfolio Update (2026-06-09): “Our forecast curves are generally aligned with another period of weakness in late June around the solstice date.” — confidence: high
- 2026-06-09 Gann 16 Portfolio Update (2026-06-09): “Crypto-related stocks look weak here as well. Bitcoin has fallen all the way back to levels seen since heading into 2024’s U.S. election.” — confidence: high
- 2026-06-09 Gann 16 Portfolio Update (2026-06-09): “Short setups are essentially our Mexican Pete pattern flipped upside down… what’s called a descending triangle where we look to enter on a break below support. That includes the iShares US Home Construction ETF (ITB)… watch the $85 level.” — confidence: high
- 2026-06-09 Gann 16 Portfolio Update (2026-06-09): “Strategy (MSTR) is another one to add to the list… Look for the stock to make a smaller bounce near the round $100 level, then we’ll watch for a break below that support area.” — confidence: high
- 2026-06-09 Gann 16 Portfolio Update (2026-06-09): “We were also stopped out of our recent addition of Freeport-McMoRan (FCX) to the Mexican Pete model portfolio… FCX looks like a false breakout.” — confidence: high
Predictions / Forecasts
- Forecast: General period of weakness in late June around the solstice date. — status: pending
Concepts Referenced
- Market Breadth Divergence
- Mex Pete Trading Style
- Gann Time Counts
- Bitcoin Cycle
- Watchlists
- Prediction Tracker
Notable Quotes
- “Saylor even took to social media to advocate selling a kidney if it meant holding onto Bitcoin. He was joking, of course (I think).”
- “The action in FCX also shows that buying breakouts remains tough with many sectors outside of semiconductors struggling for traction. It could be another sign that better setups ahead could be from the short watchlist.”