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It is becoming kind of tiring to write about the coming pull-back in equities which does not come. Just like those days of QE1 or QE2 when the mantra was JBTFD.
It was expected that SPX will retest the highs of January 26 and only when it fails to take out the 1333, we can call it a top. This pattern is repeated many times as you can see from the SPX daily chart.
I'm going to put together a video market update. Meantime…….this is a scream. Enjoy both parts:
Data released last night and today shows a small improvement in the Manufacturing PMI Indices in China, Europe, Britain, and the U.S., and a small improvement in Construction Spending and Manufacturing Prices in the U.S., as shown on the graphs below.
Since the last several months' worth of data has bounced a bit after large declines in 2011, it will be worth noting whether the weak trend is actually ending and strengthening into 2012, or whether this is just a blip before further weakness settles in.
Well, it looks like a rock-solid trend day for the bulls. The gap-fill ahead on the Russell seems like a logical next step, if we keep seeing anything like this strength.
