I know the site is focusing on specific trading ideas but I can’t help but look at the breadth and scope of the overall equity marketplace.
Today alone we have a big POMO day, David Tepper presenting his rip-snortingingly bullish “Tepperisms”, a terrific Tuesday being the 19th up in a row, a technical breakout for the major indices to new all time highs and massively monstrous moves in the heavily shorted names. It remains disassociated from the true economics and reality of the world yet is the picture of technical and situational perfection for markets to trade higher.
With Option Expiration coming on Friday and this being T+3 for Friday, it all feels a little blow-offie to me.
Maybe I’m just thinking in a anachronistic and linear way. Going without as much as a 5% correction since the QE-Forever rally began on November 16, 2012, we have gone above every historical norm of market action. This is precisely the reason that one can never say never nor always when it comes to market action.
Needless to say, the griddle is hot. Perhaps it can go on forever but I’m thinking that things are almost at the tipping point of being too lopsided based on the action both above and under the surface. My guess is that Op-Ex on Friday is the day to watch.
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Are you a seller in this tape, or buying short ? Thanks Scott.
We’re getting there Scottie! I consulted my old astro-econ guru and this is what he had to say –
“the lunar eclipse on may 25th is in an EXACT SQUARE to Neptune.. The lunar eclipse at end of May is indicating an almost COMPLETE separation from reality because a core Neptune principle is related to DELUSIONS. “
Scott, your take on the clusterfuck of scandals devastating the king right now would be much appreciated. Possible market uncertainty freak out and all. How can this be good?
is it time to short consumer staples? the recient run seems to have left out target, walmart and dollar tree, no?