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.If you enjoy the content at iBankCoin, please follow us on Twitter