Lower Highs

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It’s a new day, but more of the same: everything is green. The “soothing” (as ZH put it) Fed has put the world at ease, and everything is being bid up.

I would point out something interesting about this lift, which is that in each case, we are painting out what appears to be another in a succession of lower highs, whether you are looking at crude oil……..

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……or gold…….

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…….or equities……..

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Of course, the fact that everything is “higher” (irrespective of relative position compared to prior uplifts) is what folks is going to focus on, but I offer the charts above as a matter of perspective.

Of course, there are plenty of stocks, as well as a few indexes, which are just straight-up, no-question-about-it new highs whose ultimate peak is impossible to determine. They simple seemed destined to keep going up until the FOMC loses control (in the year 2198, I guess). Take the NASDAQ (please!):

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