Quote of the Day: Dotcom-esque Losses Can’t Break This Bullish Fever

As I suggested last week, it makes obvious sense to expect the market to continue to trade higher in the near-term (except for the fact that such sentiment leads to lopsided setups, which, in and of themselves are cause for concern). 

Of course the question, is, are there obvious — or legitimate — reasons to be concerned as we gaze a bit further out?


Well, yeah, per Saturday’s macro update, and per the below from an oft-quoted currency analyst/market technician:

“….the Wall Street Journal report recently by James MacKintosh that recently found that almost 40% of the companies that trade on US exchanges have lost money in the past year, the highest since the dotcom bubble. It may take though a convincing break of the 3200 area to dent the bullish fever.”

–Marc Chandler

My comment from last week referenced above:

“As for the near-term outlook in stocks, the Jan 15th phase-one signing should keep traders engaged; there’s no reason given the latest action to think that that won’t inspire further buying. However, if it doesn’t, look out! Plus, I suspect immediately upon signing we’ll hear promises of jumping right to phase-two negotiations, which, if the market runs true to form, could keep stocks buoyed for the time being.”

Share:
Share on linkedin
Share on facebook
Share on twitter
Share on email
Share on pinterest

Recieve Between the Lines Posts to your Inbox

Sign up for lorem ipsum delores sin.

We care about the protection of your data. Read our Privacy Policy.