I just finished reading an interview with Jake Bernstein in the latest Technical Analysis magazine (in which Slope has a spiffy new ad – check it out if you subscribe!) When they interviewed Mr. Bernstein, early in April, they asked what he thought was next for the market. He said the biggest rally in history would follow what had just happened, which was the fastest bear market in history. How right he was!
We basically had a bear market that would normally span 18-24 months transpire over just four weeks. The rapid recovery from that has been agonizing for your humble narrator, although mercifully I have had the distraction of Slope development to keep me constructively distracted.
What I wanted to present in this post was a series of important index charts. They are all fundamentally unbroken. No matter what the world hurls at the market, the Powell Printer is more than a match. That’s why I have to roll my eyes each morning when I see ZH yammering on about Covid Cases this and Record Deaths that. None of it matters. It’s all just noise.
Having said that, let’s walk through these charts. I’ll say just a few words about each in the caption area. As usual, click on any chart for an oh-my-God huge version of it.(more…)