Are you feeling it? The stock market euphoria? I am. My brain is telling me that stocks don’t go up forever, but my emotions are doing a woohoo.
But I am feeling more than just one emotion. I am also feeling fear. I have that scared feeling that it will all be taken away from me, and it will be my fault because I was greedy when I should have been cautious.
I once read that the definition of a bubble is when even the people who know it is a bubble buy into it. That’s a pretty good definition. It rings true to me.
We just broke out of a two week base.
There are almost no new 52-week lows. Very bullish.
The Short-Term Leader List
The strongest ETFs are blue, the additional leaders are green and the weakest are red. The S&P500 is the benchmark. Disclaimer: This list is not a recommendation to buy or sell.
Several ETFs dropped off the leader list, but I expect that Biotech will be back on the list in the weeks ahead.
Financials re-asserted themselves today, and bonds sold off.
Outlook
The ECRI index was indicating weak economic growth in the months ahead, but the index has now bottomed out and is pointing higher again.
The long-term outlook is improving.
The medium-term trend is up. The best period for buying is past.
The short-term trend is up.
