We are clearly into the manic phase of this ascent, as you can practically see people punching each other out of the way to press the Buy button. Here are a few major cash index charts showing that there is definitely more room to roam on the upside, and the next chart “event” to watch for is the underside of some massive, broken trendlines. I’ve tinted the spread between present price levels and those underbellies:
At the same time, things are looking kind of precarious over in precious-metals-land……
One last side note: it’s intriguing how the NASDAQ is not participating in today’s wildness. As I’m typing this, the Russell is up nearly 3%, and the NQ is up only about 1/10th of that amount.
