Well the media has a clear message for the public, and this kind of article is slathered on every outlet you can find……..
This is exceptionally helpful on their part, because if you’ll recall, they announced late in 2021 that the bull market was ending and that everyone should dump their positions. They’re sharp like that.
In any case, it certainly feels like the bears can’t catch even the tiniest break anymore. When I was heading to bed at midnight, everything was red. When I woke up, sure enough, the NQ had reversed 100 points and the /ES was nice ‘n’ green as always.
A good example of how steadfast the rise has been has been none other than Tesla, which only late last year people were writing off as doomed. Over the past five weeks alone, this sucker has gone up something like 70%, with the latest overnight rip being a press release that General Motors will be able to use their supercharging stations. Yep.
What’s looming right now is the one-two punch of next Tuesday and Wednesday, at which time the CPI is released and the FOMC announces their everyone-knows-is-coming pause. From the chartist perspective, the “loom” is the horizontal line shown below on the SPY, which could be blown through at any moment, completing a terrifyingly bullish pattern.
I remain light (20%+ cash) and conservative (no position expires earlier than October 20th).
