Hello Traders and Investors,
Another "tortoise" trade day. That is the latest term that CNBC is using to describe the rally. I quote: "Can the tortoise" trade continue? I guess they are running out of terms to describe a "to the moon Alice" bull market that has now extended into its 13th month.
We saw one pullback of about 8% in the $SPX in January and then quickly made a new high and we continue to surge another 3% above that level of $1150.00.
The dollar continues to be weak against the CAD as oil is running with the "demand" trade. We have the EUR and GBP gaining some ground ever since the "Greece" thing quieted down. By the way, how much does Greece contribute to the EU GDP? About 2.7%. Now if this trickles to Spain, Portugal, etc... we have a problem. Until then, another drop in the bucket that the stock market says: can't stop me!!
So the psychological number of $11,000 in the DOW looms ahead and $1200 in the $SPX. As long as we keep climbing, trading opportunities are zero to none and all we can do is watch our portfolio go up.
If you don't have a portfolio, and you are a shorter term trader - enjoy the snow. I am looking forward to Wed and Thur on the mountain as it is supposedly going to snow for now a 6th straight day. We are close to 5 feet out of this storm total in the Park City area, so that means over 6 feet at the Bird and Alta.
I have a feeling we are getting closer to trading opportunities - Murphy's law correct. I will hopefully have more charts to post as we get back into some volatile movements, until then though, just keep watching the upward movement in most sectors. Retail, tech, commodities, consumer discretionary... and on and on and on.
Be Environmentally Cool with Locals Have More Fun Apparel and enjoy January in April for you mountain enthusiasts.
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