Tuesday June 2
The Transorts did not make a new high but the DJIA pretty much tied its late April high, and the SPXX made a slight new high at 3081.
All hail the power of the FED to make the market last longer irrationally than I imagined.
While over bought and in the time frame for a pull back , it has yet to happen.
Page B 11 in today's WSJ, Heard on the Street
It's no Illusion,Stocks are Pricey
But apparently the FED keeps buying bonds and the money is re cycled into the stock market.
PMO is as high as it can be without breaking over. RSI could be higher but is surely fully priced at 70 and price is up 50% i tow months.
I follow other reliable forecasters saying we should have a sell off into mid month but it has not happened yet.
If the FED keeps this up and they will in an election year, it seems unlikely that the March 23 low at 18,000 will be taken out.
IU have a medical procedure and will literally be under sedation tomorrow morning, update tomorrow afternoon.
Well, here we are approaching the 100% on the QQQ and 78.6% on the SPY. The chasers are out in full force. FOMO is the play of the week. I am exiting all longs today and will be placing long ITM put orders on the SPYs and QQQs sometime today or tomorrow. I have a mental Stop above the top of wave two at SPY $314. Let's see if this analysis is correct.
Posted by: A.M. Putman | June 03, 2020 at 10:03 AM
Again I think so I answered your second comment before this one.
See today's remarks
Posted by: Dennis Elam | June 04, 2020 at 10:45 AM