Hope you all had a nice weekend! I was able to get out and do some biking and sightseeing here in PR. With all of the beautiful beaches and mountain views, it’s hard sometimes to get work done.
The markets are flat to up this morning and I do believe we are closer to the short-term top. Since 6/18, the SPX has moved up almost 200 points and up for 7 days straight. That does not happen often. But I am not the guy that can call a top. That is very hard to do.
However, there are some signs that are a bit concerning. While the NASDAQ and S&P 500 closed at new highs, the RUT did not. The DJI did manage to have a closing high, but it did not take out the all-time high. The close on the S&P 500 (SPX), looked like there was a lot of FOMO (Fear of Missing Out). The VIX hit a 52 week low, which means fear is significantly subsiding. Bond rates are also low pricing in smooth sailing ahead.
So there are clear signs of complacency starting to settle in. I am in no way calling for a big correction but a pullback of two to three percent sure would be nice.
Founder | SimpleOptionStrategies.com
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