Market Look

SOURCE: https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ

Futures down a wee bit. Wild swings past couple of days. That is something to watch…but strength is strength. I have been asked if I have ever seen this before…to the extent of price, yes. To the extent of no pullbacks, no. Think we are in rarefied air. Not going to add much here. As…

Don’t worry about a nasty, high volume reversal. We’ll just gap it up the next day. Strong open awaits. I will stay silent about it except to say: I have been taught and have studied that changes in trend often occur with violent action after a large drop in price or after a large rally…

-By Gary Kaltbaum- January 16,2018- -To be brief, after a strong beginning of the year, on top of what we have seen the past 2-3 months, on top of what we have seen since the election, today’s action looks to be a classic exhaustion gap. After the run, the market gaps open big numbers and…

Big gap to the upside. Led by tech and all that stuff as we enter earnings. Only things soft this morning are commodities, transports but minor pullbacks. All this is happening right before and into earnings. More later… and I hear bitcoin squashed but that can change by the end of the day.

In no particular order: The dollar is breaking to new lows. The euro and pound are breaking to near yearly highs…out of clean bases. We suspect this is part of why commodities keep moving higher. Major indices are stretched, extended and overbought as much as we have seen in a long, long time. Names like…