The pace and frenzy without the bullish divergence? Without volume? With recent revisions for earnings in all of 2023 and it is decidedly down? The ONE CPI data point did all this? All i can say is the PPI next week better be good. it is the leading indicator of future inflation NOT the CPI.
BUT the last time the dollar plunged like this was March 2020 and we know what transpired then. A huge mega rally.
Wouldn't this be a hoot if right before the holiday season pushed off, Thanksgiving, we crashed? I mean that can't happen because all the bottoming patterns are satisfied? Earnings projections were revised upwards? Inflation is dead? JOLTS, Wages, Employment, unemployment, monthly job additions, 30 year high in quitting rate (jumping to a new higher paying job, is all reversed?
Call me crazy but something is very wrong. We needed 3200 on SPX to start such a push. We are already falling apart with the biggest speculative sector ever, Crypto. i mean implosion at a time when the rest of market is surging?
Anyone have momentum indicators? Stochastic bullish divergence yet?
This is a last gasp or a new bull market and NOT a correction. YOU decide! This is NOT one month wonder IF inflation reversed. It is either the real deal, given the explosive moves in the dollar and rates or a fake out right before the plunge.
Granted timing is everything and thankfully we have the biggest holiday of them all within weeks. SO either this sucker is the real deal and an EXPLOSIVE rally occurs in Decembers. or it all falls apart before Thanksgiving.
Just my crazy musing. this reminds me of the start of the Pandemic. the street ignored it and was hovering at all time highs despite a one hundred year old chart that showed EXACTLY what happened. The start of 2022 we knew with certainty that inflation was spiking yet we preferred to ignore the 40 year cycle of disinflation ending and declared it was transitory. We have a great capacity to believe the unbelievable as long as it is optimistic. We reject the obvious when it is not.
the street JUST revised earnings way down for all of 2023. Did they make a huge mistake?
