The math is simple here. Bulls pushed market indices past resistance yesterday. Volume has been steady. Breadth, which we complained about yesterday, improved immensely, and to top it all off, the put:call ratio leans heavily in the put camp.
With no one believing this rally and with stocks and indices striding ever higher, the market looks very similar to last August, when to no one believed and prices just kept marching along without pulling back.
It will end sometime, but right now it’s best to be long and along for the ride. When it ends stops will take us out.
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