I’ve made more this week than I have an any single month in the last few years. I’ve been trying hard to keep the balance hidden, but days like this you have to look.
The QQQ’s were the first to hit the 52 week high mark this week. The SPY is within fifty cents.
What about the market hitting overhead supply? Trapped longs?
Non-existent when you factor in the breadth readings over the last year. Like most have pointed out, smart money sold earlier this year. Why? There wasn’t shit worth trading. Now that the market presented an entry point, that cash was deployed. And there was more cash (as a percentage) readily available now than there has been in the last 20 years.
It would be one thing if that “supply” represented trapped buyers. Any indicators will illustrate distribution in the summer range. Not accumulation.
Now that we’re here, let me ask you, is this “frothy?” Is this “enthusiasm?”
You have to consider much more than price when answering that question, because I am still blown away at those that are not participating in this, or even worse, are fighting this. That’s why the market keeps trading higher. It will continue to do so til morale improves, lol.
I’m done with that argument though. Sincerely. Take it elsewhere. The heavy lifting was done back at the lows, where it needed to be. I’ll point out individual ideas from here, but you can have your market analysis back. I no longer require it.
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