Tuesday, May 13, 2014
US market charts: the frothy frothiness of froth is frothily frothy today
And bam!, everything resolves to the upside.
$INDU is >2SD up this morning.
The S&P 500 is also popping up strongly.
And transports are WAY above 2SD up.
And as of today the market is really extremely not into buying downside protection, to the point of being really obnoxious about it.
I guess you could be forgiven for expecting the US market to move back downward from this point right now. This is too much of a move.
Then again, in bull markets people are bullish, right? And what would you expect a breakout to look like after 4 months of top-calling, doomery, and rationalizing of fear?
I'm just happy that all the spineless wimps and permadoomers are cleaning egg off their faces this morning.