Another session, another new all time record high. We are now over eight years into this historic bull market, and every excuse to sell remains a reason to buy.
North Korea is the Greece of 2017. Again... when the market runs out of excuses to sell, that is when you should be concerned.
As it stands today, momentum remains positive and strong. The VIX rests under 10. Central banks stand at the ready to prop up asset prices should they fall. Outstanding shares continue to fall as corporations use cheap debt to finance massive share buyback programs.
The $SPY $IWM $QQQ all remain firmly entrenched in an uptrend. Until that trend breaks, fighting it is akin to swimming against the current.
Small caps continue to excel, and should a break out of the channel occur this most recent rally could get even more upside action.
The $SPY remains steady amid even yesterdays modest tech pull back.
The market hasn't had a sharp correction in a long, long time. The only thing that tells us is, pull backs are brief, and that each day that passes we are one day closer to that inevitable pull back. It may be next week, next year, or ten years from now.
Trading for it, is just like those who have been calling for a market top every step of the way. On the flip side, those waiting for a pull back, could run out of patience and help this market move to the FOMO stage. I'd argue not only has the market not topped yet, but we could see an explosive blow off type rally coming. Until then, price stability rules the day. The Central Banks have created a market littered with price stability and calm.
— StockCats (@StockCats) September 18, 2017