I’ve been doing this whole “charting” and “trading” thing a long time. I was there for the 1987 crash, as well as the bull market that led to it. I can remember the market’s response to the invasion of Kuwait like it was yesterday. The Internet Bubble. The crash of 2001. 9/11. The financial crisis. And on and on and on.
But I’ve never seen anything like what we’re seeing now. You’d think that, in the 11th year of this pre-fab bull market, some two-sided action might be creeping in, but, nope. This entire thing is starting to feel permanent. And it feels like the MMT lunatics are going to end.
Below are some major indexes and ETFs along with their breakouts:
Nasdaq Composite
NASDAQ Composite pushing to lifetime highs.
Russell 2000
Russell 2000 small caps finish large bullish base.
Semiconductor index
Semiconductor index doesn’t even need to pause for breath.
S&P Bank ETF
S&P bank ETF finished its bullish base.
Financial Stocks
Financial stocks finally got above their resistance line this week.
On a global scale, the bulls and bears are still duking out, as shown below – – Beyond Meat Inc (NASDAQ:BYND) notwithstanding:
QQQ
But from Christmas forward, it’s been nothing but a bull party. Just look at the ultra-short ETF on the NASDAQ, which has lost nearly half its value since the Christmas peak.
VIX
And the poor volatility index couldn’t even manage to stay in the teens. We’re back at a 12-handle, which is pretty much as low as we get these days.
