Another of my big picture looks at the NASDAQ. You can see that we had a strong rally off the bottom of the blue channel, and right now it is around the middle of the channel. In the big picture though, we have barely come down out of the massive QE and low interest rate bubble created after the financial crisis. I find it hard to get too into this rally, we saw Meta rally 20% even with its latest financial report show something like $4 Billion in losses, but some vague promises about "Year of Efficiency". That tells me that markets are very FOMO right now after a really hard year and are looking for anything to recapture the bubble of 2021. Labor reports continue to be strong, which seems to be feeding the rally, especially so after the Fed's super dovish 0.25% hike and "disinflation" nonsense. The break above the 200 day SMA and crossing of the 20 and 200 day are also really bullish signs. That said, pick your favorite quote about the market: 1) Markets can stay irrational longer than you can stay solvent or 2) Bull markets climb a wall of worry. Good luck.
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