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Well, this is pretty much was what worrying me. If you watch me on tastytrade, I kept mentioning how the range was shaping up as a potentially bullish breakout pattern, and voila, here we are. All the pent-up energy that I’ve tinted below has been released. And right now one of the last barriers to lifetime highs is the Christmas Trendline, where I’ve drawn an arrow.
If there was any doubt how badly the market “wanted” to go up, all doubts were dispelled tonight. All it took was an agreement to schedule a meeting next month to launch equities into the stratosphere.
Natural market forces permitted? NEVER!
Before I begin, I wanted to thank everyone who has written me both ideas and congratulations for our new Annual Overlay feature (yes, I’m going to come up with a better name, hopefully one which doesn’t stink). I don’t think I’ve ever received as many ideas for a given feature before. Anyway, on to the green screens……….
Lifetime highs. That’s what we’re getting on the heels of yesterday’s FOMC announcement and in advance on next week’s G20 summit. Only since June 3, not even three weeks ago, we’re up nearly 2,500 points on the Dow and are busting records left and right.
For the seventh day in a row, looks like another winner coming for the bulls. Just about the only equity out there with any weakness seems to be the fabled Beyond Meat, which I wrote about last night. It’s down 20% from its peak yesterday.
