I’ve been so busy this afternoon, I’ve been racked with guilt about not being able to sit down and do a post. But here I am, so I’ll get on it…….
The bear market was supposed to really kick in full-force a year ago. News flash: it didn’t. Allow me to show you what I mean by this.
I could just as easily title this “The St. Valentine’s Day Massacre”……for any bears left, at least.
Oh, man. Let’s get 2016 over with, shall we? In fact, let’s get 20,000 over with too. The media obsession is getting unbearable. Try as they might, The Powers That Be can’t seem to close the deal. Maybe tomorrow, huh?
Well, OPEC day is here, and it looks like a deal announcement is at hand. Crude oil is rallying (and energy stocks are strong), so R.I.P. to my energy shorts. I will note, with mild interest, that in spite of this huge news coming out of Vienna, so far crude hasn’t even exceeded the horizontal I drew weeks ago. We’ll see if the actual announcement renders this line moot.
Well, I’m going to call it a day. It seems almost comic that not even two weeks ago, we were witnessing a limit-down collapse in equity markets around the world based on the prospect of a Trump victory. Who would have believed that, once those few hours of fear were shaken off, we would be in a blast-off cycle to lifetime highs across the board? It’s breathtaking (and, for the one or two bears left on the planet, nauseating). I don’t see what’s going to slow this down at any point. Dow 50,000, here we come. Here’s the ES as I say farewell.
$20 trillion in debt. Geopolitical chaos. An absolutely nut-job new administration forthcoming. Sky-high P/Es. And yet………..
Well, today was a drag for the bears (if there are any besides me left in the world), although after 7.5 years of this crap, it should be old hat by now. Even though the Fed changed nothing – – – let me repeat, NOTHING – – the market rallied as if some awesome good news had been dropped into its lap. The NASDAQ went up to its highest level in the history of humanity: