All we really have to do is report to you the news:
In spite of North Korea, in spite of a couple of very costly hurricanes, in spite of an impotent DC (except for their spending), major indices had one of those mystery gaps on Monday and just kept going. Remember, IT’S NOT THE NEWS. IT’S HOW THE MARKET REACTS TO THE NEWS. When “supposed” bad news is not only not sold but bought up, that’s all you really need to know.
The DOW into new high ground.
The S&P right there.
The NYSE in new high ground.
The NASDAQ is close. In fact, setting up to move out. Needs 6460.
The NDX also close needing 6010.
Leading growth names have either moved out or are setting up again to move out.
The ALL-IMPORTANT SEMICONDUCTORS (SOX) is just a stone’s throw away from the June 9 high with a few names already moving out.
EMERGING MARKETS at new highs.
The lagging areas like TRANSPORTS and FINANCIALS even rallied but certainly not leading.
Remember, we still have the easiest monetary policy in the history of the world. Trillions printed, negative rates, 0% rates and notice, central banks talk a tough game but keep on keeping on. They will never be able to normalize and they know it.