This stock market is on a rampage. The VIX is hammered into single digits, and the SPY not only has been sailing higher for the past 20 months, it has even escaped its intermediate-term channel. The bulls are, without a doubt, running wild.
For those of you with a little contrarian blood left pumping in your veins, you might consider shorting Mylan, now that the stock has surged following FDA approval of one of its drugs. We’re banging right up against a trendline as well as overhead supply.
As for the small caps – – the bane of my existence for the past five weeks – – it has ripped over 12% higher since eclipse day, although it’s showing just a touch of weakness right now. My goodness, a red bar – – someone call the authorities.