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It was a devilish quarter out there for any surviving equity bears (fittingly, the SPY closed at 666). Let’s go through a dozen charts on a monthly basis (as opposed to the more typical daily) to see what we can see.
We begin with the “diamonds“, the Dow Industrial ETF, which closed at a record high. It has slightly violated its uptrend (anchored to the April 7th bottom) but, as with almost everything else, this is the fifth green monthly candle in a row.
My endless yammering about precious metals which started last year is paying off.
In case of psychology emergency, break glass:
I guess folks still think IPOs are a great way to get in on the ground floor, even with a market that is so preposterously overvalued that it makes me want to jump off the highest radio tower.
