The market closed at new all time record highs, is the top finally in?
I'll keep it simple as I did the last time the market closed at record highs.
After yesterdays action 100% of the calls for a top for this market , even going back to the days when Cavemen juggled fossilized Dinosaur waste to pass the time, have been wrong.
Will the market top at some point? Each day brings us one day closer to that top. Isn't that a mind boggling statement. Just like today we are one day closer to our own deaths. Yet I see a lot more people calling a top for this market than calling for their own demise....
It get's a little crazier. Not only are we not at a top, their is a chance we are on the brink of another leg higher for the market. Yes.... insane in the membrane.
$IWM is on the cusp for breaking out of an attractive bull flag:
and financials are also on the cusp of breaking out of a bull flag:
and finally the VIX.
It continues to melt like a block of ice left in the summer sun.
Just last week it hit a new 10 year low. Single digits!
and if we've learned anything over the last 9 years of historical bull trotting, its that the VIX is in.
See you in the chat room!