I’ll start the post with a gripe I’ve had for years.
Allow me to share, for illustrative purposes, an analysis from the boys in (the ironically-named town) Gainesville. It shows plain-as-day, clear-as-can-be, that the market has completely topped “5 of 5 of 5“) and is about to go into a complete free fall.
A mere two days – – and about a thousand Dow points – – later, the chart is magically relabeled so that the top isn’t December 31st anymore but, nope, today!
I can’t tell you how many times over the years I’ve seen this ceaseless “relabeling” take place. It’s as if I’m flipping a coin nonstop and say “Heads” every day and the 50% of the time it does turn up heads, I turn at you, smile, and say “TOLD YA SO!!!!!!!!!” Mishka offers my reaction to the above pair of charts………….
Anyway. Rant over. Let’s look at a few ETF charts on this yet-another-lifetime-high day. Starting with the Dow, it vaulted hundreds of points higher and is getting within range of the heretofore unthinkable 50,000 level on the $INDU itself.
Emerging markets are even stronger: just about every country on the planet blasted to lifetime highs, and the overall emerging markets ETF reflects the same:
China has ripped higher for the first two trading days of 2026, and it is right at the cusp of ruining its right triangle top. Even a little bit of a strong day Tuesday will nuke the pattern.
Precious metals obviously celebrated the geopolitical mayhem, with gold continuing to exhibit a well-formed bullish pattern.
As for tech stocks, they are noticeably weaker than old-school Dow stocks, with the high from way back in October still intact. Over the past ten weeks or so, the cubes have been listless and trend-free.
As a cherry on top of this chart sundae, here is an arithmetic chart of the Dow Industrials over the past few decades. Looks like quite the bargain, eh?
