For all the daily buying and the lack of down days, down weeks or down months for that matter, it is notable that continued record prices have produced a $DJIA chart that sports a massive negative divergence in its RSI. Note that continuous up months have been the hallmark of the past few years and there have only been three red months in the past 19 for the $DJIA:
The ascent seems rather mechanical in its structure, but perhaps that is all that is required, but I doubt it. CPI surprised to the upside this morning and supposedly the Fed wants to now impose exit fees for fear of a rush to exit on the bond side of the house.
I wonder how they will want to handle a rush to exit on equity prices. That thought seems far fetched though as people are now openly told to not even bother with protection.
No wonder I’m standing on my feet 😉
Categories: Daily Market Brief