Seeing this table over on ZH made my jaw just about drop:
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Annihilation Nearly Complete
The image I have in my mind as I sit here now is an opening scene in the old television show Kung Fu, in which the monastery has hundreds of candles burning and flickering. Metaphorically speaking, each one of those candles represented, for me, hope that this incredibly highly-valued market would actually turn lower in a meaningful way. Indeed, early in February, it seemed that the few candles that were allowed to remain suddenly starting shooting three-foot flames toward the ceiling.
Sadly, I think there’s about one birthday cake-sized candle left, and the market has already unzipped its pants and is standing over it. Virtually every major index, as I’ve written with increasing despair lately, seems poised to rocket higher on another meaningful upleg. Volatility, the very essence of the sort of fear that is my stock in in trade, has been smothered in its crib for the whole of 2018, as it approaches single digit levels.
Poised for Power
I hate to say it – – and I’m probably the last one you expect to say it – – but indexes looked poised to go roaring higher if they get a reason to do so. There are just too many broad bullish setups. Such as retail:
Small Caps: To Infinity and Beyond
Well. Here we have it.
Poised For Punishment
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As for the markets, the bears (like me) have been getting their heads beaten in every day since May 3rd. No matter what the news is, good, bad, or inconsequential, the markets go up. Even if there is a big drop during the overnight session, it’s long gone by normal trading hours. I see no reason for this to change.
Trump is utterly unpredictable, and who knows what this NoKo Summit will bring. But at this point, he could throw cold water in Kim’s face, flip him off, storm out of the room, and the market would STILL rally due to Trump’s “bold stance”. More likely it will be all love-dovey, this-is-the-end-of-history, we’re all friends, and they’ll issue a glowing press release. The point is that bulls are going to keep getting handed free money with no risk. (more…)
