This entire week has been a bull festival, and it’s all about this:
I’m afraid that this very website, in a post penned by me, predicted this direction with stomach-churning accuracy. On the 16th, I did a post aptly named Uh-Oh, which targeted this price movement on the S&P 500 thanks to the tidal wave of new liquidity that had been dumped directly into the market by the darlings in D.C.
I couldn’t believe it at the time, but I wish I would have. The “Fed Spread” featured here every Thursday afternoon (typically just for premium members) definitely got the direction right. We have moved hundreds of points higher.
In other words, I regret to report my prediction was spot-on.
Thus, we are seeing the market march relentlessly higher, although there’s still a wispy mist of hope from that trendline (but it won’t last much longer……….)
The most horrifying chart of all, for me, is the /NQ. This is not a perfect bullish base, but it isn’t bad either. I shudder to think of a world in which Tom Lee, Jim Cramer, and Cathie Wood look like geniuses again, but unless things turn down hard in the next few trading days, we may well be heading to that dystopia.
