QQQ

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FB

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Going For Nine Straight

The Dow Jones Industrial Average is going for its ninth straight close at record highs.   Only one other time in history has there been a longer streak:

second best streak

Once again, from Paul Krugman, Nobel prize winning economist with over 2 million twitter followers: “If the question is when markets will recover, the first-pass answer is never”.  Stated November 9, 2016.

Hat tip Charlie Bilello

 

45 And Counting

The streak continues, 45 straight days without a 1% intra-day move for the S&P 500:

45 days

Stunning complacency…

Fear The Pundits and Soothsayers

Clinton

Often times they have an agenda.

RSI Has Never Been Higher

The RSI(Relative Strength Index)associated with the QQQ(Nasdaq 100 Index)has never been higher than it is now:

QQQ RSI

The RSI explained:  The relative strength index (RSI) is a momentum indicator developed by noted technical analyst Welles Wilder, that compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security. It is primarily used to attempt to identify overbought or oversold conditions in the trading of an asset.

Hat tip Northman Trader

INDU

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Not Extinct

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Only 5 Out Of The Last 200

TWOWS 2

Great chart above.  The nearly non existent 1% correction in the S&P 500 over the last 200 days is incredible.  We’ve had only five during this time frame.  The last time this rarity happened was back in 2007.  Than didn’t end well.

 

A Bit Extended

TWOWS 3

The Nasdaq 100 Index is working on its ninth straight yearly gain and is now nearly 19% above its 5 year moving average.   That’s the furthest the NDX has been above this moving average since the current rally began back in 2009.  Can it go higher?  Absolutely, but there will be a return to the mean at some point and that may come sooner than many expect.

Hat tip Northman Trader

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To Your Success,

Doug & Gary