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!
Comments »
