No There There

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I’d like to share four charts to make a general point………

I’ve clearly tipped my hand due to those highlights, but the point is this: in every one of these cases, the chart had formed a clear, convincing bullish breakout. Yet, in every case, it failed – – sometimes quite spectacularly.

This is not a sign of a normal, healthy market. This is a sign of a market desperately trying to find new heroes, and it has run out. People can’t just keep pushing MSFT up to infinity, so they sought greener pastures by way of newer instruments, and they failed.

If this were, say, the year 1982, the patterns you seem above are the stuff of which multi-thousand percent gains are made. In a market this old, this tired, and this obscenely valued, however, even classically bullish patterns like these have become little more than traps.