This game of forcing the market higher by squeezing the high beta stocks has worked well for several years. However right in line with long term borrowing for buybacks you should know intuitively that some how and some where this will end very very badly. In fact the legend of Merrill Lynch Bob Farrell had a couple of things to say about thinly supported over bought markets in his 10 rules. Yes I am very aware that I am just howling into the wind and today is not the day that the house of cards falls, but fall it will.
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Chart for the road: Short term is bullish bias. A breakout with support of positive histogram is credible, it will not surprise me to see an attempt gap up tomorrow. Peace!
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Tomorrow we get the Government oil inventory report. If it is normal for this time of year it will show an increase in supply. It will also be a good day to reflect on how through the power of a simple narrative widely re-told by media experts OPEC and the US Shale patch have managed to increase production for the last several months to an oversupplied market while also increasing prices. I want to see how they handle the narrative going forward as those pesky inventory reports help people understand that so far this is all talk.
exceeded the mini pullback target, maybe the pullback this time has 2nd small leg.
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Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.