"It's going to be a big Fall for stocks, so get in before September"
If you're asking what is keeping the casino aloft at this juncture, I would have to say post-Fed volatility compression, short-covering, and minimal volume...
Unlike the Dow, the S&P did not make a new high today...
Unlike the Dow, the S&P did not make a new high today...
Nor did big cap Tech:
Amazon tested down to $1,000 and held
Of course, we've seen this movie before - pulling back from the 50 day and then gapping down through it:
Breadth is imploding
It's probably nothing to worry about. As usual.
Oil and commodities were strongest this week:
The Fed confirmed this week that reflation is officially over
Gamblers celebrated by loading up on Chinese internet stocks amid record low volatility
Yesterday, JP Morgan's quant compared today's casino conditions to 1987, which tightened up the options market so no one can afford protection anymore...
The dollar and banks were a bit more subdued about the Fed's friendly overtures...
European stocks got pole axed this week:
A few key bellwethers imploded this week, aside from Amazon:
Google
Johnson & Johnson
Norfolk Southern
Wells Fargo
McChucks
The key thing is that Bitcoin defended its 50 day on the right shoulder on low volume and declining money flow:
Can Bitcoin bring down the casino?
Indeed it can...
