Round Number Bested

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Well, they did it. 2900, on the fifth try, has been curb-stomped. You can even see the little pause at 2900 before the ES rocketed.

What’s remarkable is that this isn’t based on any particular huge news. Instead, it’s a dribbling of positive numbers. Massive credit increase in China. Purchase of APC by CVX. Good trade numbers. But nothing really headline-worthy. All the same, the ascent since December 26th has been steady as a cruise ship.

And the NQ is just about ready to grab the brass ring of lifetime highs.

The one and only market which is getting smacked is, as you might expect, bonds. ZB is tumbling and interest rates keep strengthening. This seems, to my eyes, a good place for the ZB to take a rest, since it has fully returned to its breakout zone.

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