Coppleson - US is going higher - Momentum has taken over
I think Richard Coppleson is right on the money in this assessment. Here are some key quotes:
You have to understand we are now talking about “momentum” and one thing I have seen over the years– you may even be the best trader, fund manager, broker or technical guru in the world – but when momentum is running, the markets don’t care what your charts or numbers tell you in the short term. It can keep going for a lot longer than anyone realises.”
That for me was a really defining moment for the “markets”. It was going to hit US tourism, US flights, US relations etc – it was deemed by the ‘media’ as horrific & disgusting– there were multiple “protests.” So that saw the first sign that the selloff was coming - the US market fell for about 2 days by about 1%. BUT then – it did what no one expected - it rallied straight back & as an extra slap in the face – went to a new record high! That was such a massive sign.
I think that captures it all very well. Don't get me wrong, I think with the mountain of debt in USA (and Australia), this is all going to end badly. But that is some time in the future. Time now to make hay while the sun shines.
The full story is here .... https://www.livewiremarkets.com/wires/34727