S+P 500 has now thrust up to a "Triple Top Formation" Technical Formation glaringly Unconfirmed by in this example, 30 Minute Relative Strength. For more on that, see the excellent post Tradingview post today by Sir Daddy Sawbucks
News that former Fed Chairman Janet Yellen, has been apparently been offered the Cabinet Post of Treasury Secretary, in the incoming Biden Administration, caught bearish traders on the wrong side of the trade, and helped push the Dow Industrials past the so called "sacred" 30,000 level.
My institutional investor friend in Connecticut, continues to believe that a sharp stock market shake out is near, while messaging me tonight that "fortunes are being made" in the stock market. Now that caught my attention.
With bullish investors in control , the price to get into the stock marker is going up by the hour. So I'll leave you with this thought to consider this evening.
Look up the word "lemmings" in the stock market dictionary. Sooner or later, in a matter of fact way, the turkey's shall, and always will come home to roost. That you can count on.
Cryptos are the solid winners this year and fortunes are certainly being made.
Gold and silver have been sold off and a deeper correction...fortunes will be made in PM.
The Dow and S&P are in a strong wave 3 up breakout pattern and further new highs are coming this week.
Cannot see any shake out Unwind...we will have a wave 4 down perhaps next week and then a final push on wave 5 up to complete a generation of debt and greed.
2021 will be the collapse.
yupyupyup
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@Fractal777, SPAC's are the solid winners wouldn't you think?
Fractal777
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@yupyupyup, True...mountains of cash like the tech boom 20 years ago.
yupyupyup
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@Fractal777, The majority of them just pre-revenue companies until 2-3- years from now. Yeeesh
antrap77
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"According to urban legend, lemmings are small rodents known for possessing instincts that cause them to, periodically, charge en masse off cliffs, with the end result being their death" That applies quite well to current situation!
Continued gaps up (Tesla as an example) are causing "fortunes being made". Very brave to climbs to the mountain top, but it's actually getting more risky now.
Kudos for the analysis!
NeonLight
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I just wish I had puts for next week instead of this one. Now I’m out of funds.