Well, now that the bulls have their NINETEEN THOUSAND goal achieved on the Dow, I guess TWENTY thousand is next on the agenda. Meh. If there are any insane masochists like me left out there and want to see a few charts that are still intriguing short setups, I humbly offer them to you now:
We have been talking about how bullish the US stock market is. It has been bullish uninterrupted for most of 2016 and that includes the Brexit buying opportunity. We then expected and got a test of major support. Now, with the Trump whipsaw and reversal we have the 2nd thrust in breadth and breakout, after Brexit. Here’s the broad market view we keep tabs on. It never went bearish. All it did was test support across various indexes.
I’m melancholic to begin with, but sheesh, am I feeling it lately. I figured once Barack Goddamned Obama was done, we’d see the market start to grasp reality, but nope, with Trump in charge, it’s more deluded than ever. On top of that was the soul-crushing news I hinted at yesterday very obliquely, which felt like my right arm was removed.
As for the so-called market, one look at the VIX tells it all: