Bull Markets Do NOT End Like This
Quick update as I am trying to get a full Street$marts out today or tomorrow. The theme remains the almost same. I thought a modest pullback would materialize and take the major indices below last week’s low. However, as I mentioned on Friday, the bulls put in a strong performance, like the Red Sox did over my Yankees, and took control from the bears on Thursday. That strength continues today with the S&P 400 and NASDAQ 100 leading with the Dow ceding leadership.
The rising tide is lifting most ships as the S&P 500, S&P 400, Russell 2000 and NASDAQ 100 are very close to all-time highs. The Dow will get there but it’s going to take some time. Sector leadership remains disappointing with the semis and banks being lifted by the market and not the other way around. Discretionary has been solid as a rock with transports coming on strong.
Junk bonds are continuing their resurgence and the NYSE A/D Line is making marginal all-time highs right now. BULL MARKETS DO NOT END WITH THIS KIND OF ACTION!
Don’t forget about gold and gold stocks. They are almost so bad, they are good. Almost…