I was born with a fairly pale complexion which has always forced me to stay out of the sun lest I end up looking like a roasted chicken after only minutes of being exposed to a UV index anywhere above 5. It’s not that I hate the sun – rather the sun seems to hate me, or at least it hates my skin as it insists on burning it. As a financial blogger who also trades for a living it’s easy to understand that summer is my least favorite season of the year.
All the civic chaos and social brinksmanship notwithstanding U.S. equities have brazenly continued to march higher and higher since the activation of the riot brigade. Much to the chagrin of a legion of political arsonists who would love nothing more than to see our entire nation go up in flames.
Everything I touch today seems to either be out of commission, requires maintenance, or repeatedly crashes. One of those U2 Mondays I guess, so after burning through two frustrating hours this going to be a pretty snappy post. That said – the two charts I was able to scrape together should be raising your eyebrows, especially if you’re bearish.
Mrs. Market appears to be suffering from an acute bout of market halitosis (a.k.a. market breadth) which was heavily advertised on various bearish watering holes yesterday. Goldman Sachs was particularly prolific on the subject, going as far as predicting an imminent ‘momentum’ crash – whatever that is. So let’s take a gander through some of our momo charts and see if indeed the proverbial jig is up for this counter rally.