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Flying Markets

In this weekend’s chart update I outlined the seemingly pre-programmed structure this market has adopted as of late. Today, so far, is following the same script in exactly the same fashion: 1. Screaming buying out of the gate and then: 2. A super tight range that simply eats premiums:

SPY 5 min

This is now the 5th day out of 6 that markets have been doing this. Of course all kinds of meaningless news related explanations are given in the media. Fact remains: It doesn’t really matter what the news is, the structure is the same. What is not mentioned of course is that the higher we go the lower the volume:

$SPY daily

It’s a farce of course and the higher prices we reach the more bullish people become. Dennis Gartman and Ralph Acampora are declaring the case for a correction over. Today, on this day:

QQQ daily

I’m sorry but this is just pitiful. And so is frankly CNBC who are now pushing again a uniform message on their website: Buy stocks, hurry you can still do it, don’t be left out. Don’t worry there won’t be a correction. Dennis says so. And we have a pro that says this bull market still has a long way to go.

No wonder their ratings are sinking. Shameful:

CNBC

The fundamental truth is that markets that are pushed higher on ever lower volume do not have a solid foundation. But this is the moment in time when they tell you no correction is coming. Just remember that.

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Categories: Market Analysis

Tags: , , ,

2 replies

  1. Buy stocks? just like there is no inflation. Food index up 13% this year alone. How about gasoline, health insurance and things that actual people have to purchase. Main stream media is just a tool of the government

  2. Real inflation is much higher than the numbers the FOMC plays with

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