The best thing the market can do now is to pull back…even have a scare day or two. Major indices are into major and we mean major resistance as well as the declining 50 day moving average. It would be normal anyhow to stall and pull back after going coast to coast in sentiment. A pullback that is controlled with the pattern putting in a handle formation would go a long way towards getting more upside in another fed-induced rally.
Also, seeing quite a few names that are now coming up the right side of bases that have now had long enough time to build. Only one or two names have actually moved out of range but have made nominal gains. If the rally continues, we expect a plethora of names to move out.
Just keep in mind, we are into earnings season. Yesterday, a few names in RETAIL were coughed on on not so great outlooks. We do not want to see too much of that as we move forward.
Lastly, yesterday we posted our own faux interview with Jay Powell. We wrote it because of the interview we saw yesterday that was too cutesy and too softball. There is a lot of crap going on, namely, debt, deficits and markets that continue to be propped up by fed rhetoric and moves. This isn’t cutesy. It isn’t funny. If you have a chance, go watch the interview.
When you google the words “watch Jay Powell interview with Rubenstein,” our faux interview comes up 4th on the list. Hopefully, it gets a lot of reads.