The bulls have alligator blood, the bears just can’t get rid of them. They showed up all the ‘Sell in May’ naysayers by making a late push to close up in May. Even the first two days of June have seen 0.5% opening declines being swallowed up before lunch. New highs are so close you can taste them. The only problem is that the higher we go, the higher the percentage chance of a rate hike since Janet is S&P 500 data-dependent.
Tomorrow’s NFP will be unimportant as always. Good or bad, ignore it.
There is a clear supply of sell orders above 2100 trying to prevent the bulls from another win. I’m not concerned though as we haven’t even hit the animal spirits phase of the latest rally.
Speaking of alligators, I’m never playing golf in Florida again.
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