No question but that we have had a big run-up over the past several weeks. The psychological challenge is that those who did not catch the bottom now want to catch-up.... but the real question is not about what happened, but what will happen next.
The S&P 500’s intraday high on December 30, 2015 was 2077. The market closed last Friday at 2072, meaning stocks have made no progress since late last year, exactly 1 quarter ago. In fact, it was at the same level in November of 2014, sixteen months ago. The S&P 500 has been in a downtrend with lower highs and lower lows on the moving averages since last May – ten months ago.
WHY THE BIG MOVE UP RECENTLY?
REALITY ON OIL
WHAT IS HAPPENING IN THE REAL WORLD OF BUSINESS FUNDAMENTALS?
We seem to be at an turning point.
God bless you,
Ed & Branson
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