Welcome to the meltup. We should have gone down. Instead we went up. Now most everything is rallying in the face of double tops, negative divergences, overbought conditions and anything else you can shake your technical stick at.

We have been able to ring the register with 10-40% gains in this six week rally. I feel like I need to buy more stuff because its all going up. But when I identify a stock to buy and look at it carefully, I am convinced that I am going to get bagged as the last one in.

But the dollar is dropping. The FED has our back. It’s the end of the quarter. The Treasury has our back. Earnings will be terrific. The government has our back. I still own some stuff. Will that placate me? Is that good enough? Probably not as I am staring at a low-priced technology stock as we speak. More later!

Surprise, surprise. The market opened slightly lower and proceeded to flip you the bird in a big way. (BTW–I’m trying not to curse…).

Everyone and I mean everyone is looking for a pullback in response to the bullshit politics or the ridiculously overbought technical situation. After all, most indices are up over 15% from the bottom in early February and many stocks are up multiples of that.

The perception of a bone-fide economic recovery is what is chasing stocks higher here near month’s end. You didn’t think the market would get hit at month’s end, did you?

Today is a test of the highs, making back what was lost late last week. The shorts are ready to blow their brains out of their heads. Conspiracy theorists are screaming. Longs are pleasently surprised and emboldened. The market has actually rallied as the dollar has gained strength, erasing the past inter-market relationship. And now the dollar is about to fall and take the lately lagging energy and industrial stocks higher, joining healthcare and technology.

There will be a short correction and it will happen either just before or just after the end of the quarter. Then will come earnings season. You are going to keep hearing about the economic recovery and how strong it is and the markets will invariably move to SPX 1200.

Have a look at the charts posted in CreateCoin Premium. You will see how far we’ve already come. Needless to say, there is major resistance just overhead in every major index. But the action does not suggest a reversal is imminent. Stay tuned!

I’ve posted charts on the major market indices. I’ve included both a long-term weekly chart and a short-term hourly chart for your perspective and review.

I’ve even included a nice long-term picture of the VIX for your enlightenment.

If there are questions, please feel free to contact me directly:
[email protected]

http://cc.ibankcoin.com/

http://cc.ibankcoin.com/

We look at 11 stocks this week and comment on each. I will also be publishing charts of the major market indices on Sunday.

Enjoy the weekend!