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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.
Well, the bulls keep running with 2023 (with scissors, perhaps, but running nonetheless) as the Dow Industrials ETF symbol DIA (the “DIAmonds“) blasts to yet another lifetime high. That failure below the trendline has got to be one of the grandest fake-outs ever.
