Slope of Hope Blog Posts
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Another day, another lurch higher in the market. What a shock.
In spite of the Euro getting its butt (relatively) kicked, the market continues not to care. As I type this, the IWM and QQQ are both up, and in my estimation, a key reason for NASDAQ's insufferable strength emanates from Cupertino. Apple has made yet another never-before-seen high in its three decades as a public company.
This is a very clean breakout, with a measured target of about $735. If this turns out to be the case, it means more suffering for long, long, long-suffering bears. If, by some miracle, this breakout actually breaks down, it will provide some much-needed relief for the ursine set.
I've been spending a lot of time looking at TLT over the last few days, and that's because while we have been seeing some interesting things on equities, the really important looking moves have been on bonds. If we see a really significant meltdown on bonds, and we're not there yet but we might be watching the start of that, then that has potentially big (upside) implications for equities. On the TLT 60min chart the H&S target was made yesterday, but there's nothing on the chart to suggest that a reversal is close as yet: