What's left to say about this market?? We've collectively become completely inured to a market which relentlessly, ceaselessly rises in the face of deteriorating reality and a growing list of reasons why it can't go higher. Historic economic and pricing conditions are no match for a melt-up, so far.
The only thing I can say is it's stunning how many stock charts are at multi-multi-year resistance levels... not that that's any reason for this market to pause, much less to drop!
TAKE A LOOK AT THE POINT AND FIGURE CHART ABOVE. It's the NYSE Bullish Percent, or the percentage of stocks in the NYSE that are in bullish charts (roughly) - it's at the highest its been since at least 1999!!! (the charting function only goes back that far, not sure about before that.) Not that that will matter. GRRRRRR!
Still waiting for any hint of a change in bullish direction.
1 comment:
Well to today's high from 666.79 we had a 61.8% gain - which is a Fib number. I'm out of ideas at this point.
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