The SPY is sitting around 3,325 right now as I write this, August 5th 2020.
There’s never been more bearish sentiment in the market than there is now, which is starting to look a little absurd.
With the portfolio hitting all time highs again today, one has to wonder what everyone else is so afraid of.
When we examine the chart of the SPY index, it’s supporting WELL above all the moving averages, it’s in a great trend, if you compare previous chart fractals to current day we’re following a bullish fractal.
(if you’re looking for a charting program, I’d highly recommend tradingview.com, but don’t get fooled by all the rainbow bears in the chat :P)
Things are looking healthy in other words.
Today, we closed just above an area of high resistance, this is again, super bullish.
This is looking like it may just run straight up till the election.
The election may introduce some uncertainty, so those of us with a lot of risk on the table, you may wish to deleverage a little bit before this and possibly take some small hedges.
But things are looking great folks, its time to get on your S&P 3,000 Hat and enjoy the ride!
People are still only looking for an S&P 3000 Hat or S&P 500 hat, no one has started looking for 3500 or 4000 yet, but we’re certain its only a matter of a year or two, if not only a few months.
The Everything Bubble has Begun, yet Again!
Cheers
