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I’ll just kick off today with a single, simple chart – – the NASDAQ e-mini futures, shown below. They have already benefitted from the full force of blow-out earnings from the likes of Amazon and Google, and yet all they’ve got to show for it is a doji shooting star at the crest of what is obviously a very swift ascent. I wouldn’t bank on much more upside here, folks. To put it kindly, the high-tech market seems fully-valued.
We’re four days into the trading week. For me, Monday was a “2”, Tuesday was a “3”, Wednesday was a “6”, and Thursday was a “7”. So……….progress. A week that started off vomit-inducing is getting better. I’d appreciate Friday being a 10, thank you very much.
The charts don’t necessarily point to that, however. The ES only needs to slip above that red line to give the already power-mad bulls another shot of elixir to create another phalanx of lifetime highs.
Yesterday opened and closed between the daily upper 2sd and 3sd upper bands, but that has changed today with the 2sd upper band established as resistance in the morning and afternoon. Today is day four of the daily upper band ride, which continues until a day when the daily 2sd upper band isn’t tested as resistance. SPX daily chart:
Since apparently our northern neighbor didn’t learn anything from the folly of the U.S. between 2002 and 2006, they have engaged in their own nutty real estate mania. Countless seminars and get-rich-quick schemes are cluttering the landscape, and I think we all know how this movie is going to end. For myself, I’ve taken to shorting those with a financial interest in this bubble, and my best winner so far is the Bank of Montreal.