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:
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:
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:
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:
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.