A Dow Average up 11 days in a row?
Yikes!
The last time I saw this, in 1987, Armageddon ensued. It hailed fire and brimstone, and dogs and cats lay together.
Excuse me for being nervous, but I am still hanging on to my 100% invested position.
And you know what is even scarier?
Almost all of the Dow gain since October 26 has been concentrated in a
a handful of technology stock, which I own.
That is the paramount question on the minds of every trader on Wall Street going into yearend.
And here is what is keeping everyone awake all night.
Will be closing out 2023 more overbought than at any time in history. NASDAQ has risen almost every day during November!
Markets are not just prices for perfection, but double, or even triple perfection.
If perfection doesn’t arrive, the consequences could be severe.
Any professional trader caught loading the boat here would be fired.
Better to buy on a dip or a momentum-driven upside breakout, than at an absolute apex.
It was all enough to bring my 2017 year-to-date performance to 15.74%, and my trailing one-year return to a positively meteoric 81.54%. November alone now stands at an eye-popping 15.37%.
It has been the best since, well….last year!
All is now on hold until December 10. That is when we get the CPI for November, which is likely to show another decline in inflation. The recent collapse in oil prices has yet to be priced in.
