The stock market has no fire safety override; and continues up as I’ve discussed by video. Clearly, the S&P is now (at last) becoming jammed overbought, with the massive upside spree that is (or should be) unsustainable as it pushes over 2800 perhaps.
In sum, we’re not had any pullback and that’s the bearish alternative in a sense; as far as ‘when’ (not ‘if’) this cracks for some reason. The longer this angle-of-upside-attack prevails without meaningful pause; the more danger of something other than a mild ‘pause to refresh’. It’s ironic that the majority think persistent upside without letting go is a plus, when a stair step upside would actually be far more orderly and have increased prospects to persist.
Now we aren’t going to delve into Presidential gaffes, or setbacks presumed regarding the almost-done Immigration Bill; and anticipate that there will be some compromise to keep the Government running. However it’s amusing that everyone assumes that’s a ‘given’ with respect to the new week. That better be the case. When everyone is on the ‘long’ side of the ledger and capitulated to the ‘new paradigm’ nothing can go wrong idea; that’s when it actually becomes a more dangerous spot.
