Devil’s Advocate

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I’m going to take a different tack today and examine the reasons why the stock market will just keep marching higher. The old “here’s why the market is going to fall right about now” doesn’t seem to be holding much water lately.

Before doing so, I must point out that the world right now is a contrarian’s dream (notwithstanding the fact that the market simply refuses to go lower. Ever.) Look no farther than this week’s Barron’s, which states that the market won’t crash (and I’m not making this up) for another thirty or forty years.

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Gold Dust

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I took a screenshot of the chart below a couple of hours ago, but precious metals (and their miners) are even weaker now. I think the junior miners could easily slip down to the green tinted area. “Precious” metals are totally stinking up the joint again, being just about the only asset on the planet that’s falling, and the miners are thus falling at an even higher speed.

0527-gdxj

Roll On The Weekend

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On SPX this is day three of a daily upper band ride. The upper band is at 2096.92 at the moment and the current intraday high has already tested that. At the time of writing ES has broken over the resistance at the 2092.75 area that has held the last two days, and if that break is sustained I have a working breakout target at 2103.25 that may well be hit. ES Jun 60min chart:

160527 ES Jun 60min

NQ has been trickling up. As with ES and TF there is a fixed 60min sell signal but it’s possible that we won’t see any meaningful retracement until the double bottom target has been hit (target on the chart). NQ Jun 60min chart: (more…)