Friday, January 9, 2015

The American Dream

3.08 "It's called the American Dream, because you have to be asleep to believe it"

So up up here we go again, up 3.5% within 48 hours. That's more than 600 Dow points.

RSI and Slow Stochastics are flagging massively overbought, basically going straight up like a rocket with zero relief. Even the "sell-off" over those 5 days which had people freaking out, was choppy. That makes this rally extra peculiar.

People on the Teevee are telling me that stocks are rallying due to "oil's stabilization". Can I remind you that oil is at... $48?! Bullish? Definitely bullish. I guess. Stocks are up, right?

Soon a single red daily bar will be enough to force a Fed speaker to the podium to stroke the markets back to new all-time highs.

Fundamentals? Or Fed-driven? I don't know if I'm awake or asleep anymore.

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