since 2008, sending it daily shortly after the market close.
The opinions expressed below are my own
It’s back on. The amazing rally resumed today and stocks printed new all-time highs… with gusto. Capital flow was healthy at 116% and blah blah blah, we’ve seen this movie before. News wasn’t very significant today and the bulk of today’s gains came late, in what looks like a chasing of the tape. Here’s a bit of the report card for the month (so far).
The S&P is experiencing the best January since 1987.
This month’s climb ranks in the top 4% of all months going back to 1984.
We’ve had 4 down days this month versus 14 up days.
Today creates the highest 14-day and 30-day RSI readings for the S&P 500, going back to 1984.
The list of superlatives could go on and on. I’m frankly at a loss for words.
Things are good out there. There’s no denying that. I still feel like the optimism is way too far ahead of price.
Time will tell.
Have a great weekend, see youMonday
.-Mike