Weakening Pulse

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It’s said a picture is worth a thousand words. This one qualifies.

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The above image, courtesy of SlopeCharts, shows the percentage of stocks that are above their 50-day moving average.

It’s plain to see the tug-of-war going on between FACTS (when the market plunges) and FANTASY (the counter-trend rallies, fueled by trillions of dollars from the Fed).

What’s of interest, as you can surely gather from what I’ve drawn, is how each totally fake and fraudulent rally has fewer and fewer participants. Lower highs, every single time.

This is a broad, sweeping verdict about the nature of these bogus rallies. That traitorous bastard Powell is able to create headline prints which make the public think that things are peachy, but under the surface, it is slowly rotting out.

Death to Powell. Death to the Fed. I wouldn’t want to upset anyone.