All-Time Highs Are Here. WHO KNEW?!?!
The S&P 500 is poised to open at fresh, all-time highs this morning. Absolutely none of my readers should be the least bit surprised. I have written about it every single week this entire year. And the stock market isn’t done. I have made fun of and called out the bears every step of the way to outcries of “BUT, BUT, BUT” whenever presented with facts. They hate. They disavow. They call for the end of the world. They have been flat out wrong.
Stocks haven’t seen new highs since July and maybe this is one of those times where the masses get really excited and throw money at the market and then stocks see a short-term peak. I do not get that feeling, but I don’t have high conviction either. Rather, I could see stocks seeing some very nice strength this morning, leveling out and then not doing much until Wednesday afternoon after the Fed concludes their meeting.
My long-time favorite sector, semiconductors, scored all-time highs on Friday and looks to add on to that this morning. This has the potential to be one serious breakout and run if the stars line up. We’ll see.
I am a bit disappointed that REITs, which were in a similar position to semis, saw a classic breakout and then immediate failure as you can see below. It happens. Watch utilities and staples and read a lot into it!