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FYI: Since coming back from New Year’s vacation, the US stock market has become a gong show. The mad rush into stocks has more resemblance to a cafeteria food fight than a regular functioning market. Regards, Ted
Comments
Parabolic moves in stocks that end in an up spike are rare. Typically, stocks make rounded, distributed tops and spikey bottoms when fear reigns.
Commodities are usually the opposite, making rounded accumulative bottoms and spikey tops when greed reigns.
The weekly RSI on the S&P is well above 80. Bear markets don't normally start from that level.
But we are certainly due for a garden variety 5% correction. In fact, it would be healthy in my view.