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Looking at the surface nothing has changed. SPX has hit new prices again after a quick correction in January. In fact, as I look at the adjacent weekly chart I can certainly sympathize with the bullish pablum: Negative divergences haven’t mattered, markets just keep going higher, BTFD, the trend is your friend, bad news is good news, good news is even better news and of course: Bears are dumb. Since […]
There’s an old gambler’s saying: If you can’t figure who the sucker at the table is, it is likely you. While headlines & bulls gleefully celebrated new record closing highs on the $SPX (which were accomplished with a last 10 second ramp btw, but who’s counting) I note that very few people are even bothering to ask if there are suckers at the table. I am certainly open to the […]