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From the Halloween bottom to now, the S&P has gone up over 800 points, and the Dow and S&P are approaching enormous Big Round Numbers (40,000 for the Dow and 5,000 for the S&P). It’s kind of like watching a person gain 5 pounds every day. After a while, it just gets kinda gross.
This is happening every single day. Every. Single. Day. We start off completely red. Then the buying starts at the opening bell. And it doesn’t stop until everything is green. Color me annoyed.
Until this morning, the bears were toast. At the end of the day, they were burnt toast. 2023 has been an absolute wreck for the bears and an unchecked bonanza for the bulls. Witness today alone, as the US dollar plunged following the FOMC.
The FOMC did their thing, and the bulls are loving it, making 2023 even more of a bonanza for them that it already was. The Fed didn’t actually CHANGE anything, but the language they’re using is definitely warming the cockles of the bullish hearts.
As we approach the end of 2023, I sense that it’s the upside-down version of the end of 2022. Back then, it was universally agreed there would be a recession and that equities were a disaster. These days, folks looking at 2024 universally agree that it’s going to be all about rate cuts and daily lifetime highs in equities. Sentiment is absolutely euphoric, and I’ve got to say, looking at these major index charts (which are either at lifetime highs or poised to achieve them), I wonder if they’re right.
