As noted in yesterday’s post, doing the work in the weekend report changed me. Maybe just by an increment as I had been thinking I was inching closer to a Greenspan era (esque) bullish view. Well, not so fast.
The market’s fundamentals vs. price stinks to the high heavens and corporate management and Wall Street analysts are busy revising expectations down. If you put on a tin hat you might think that ‘they’ are putting in the fix this earnings season in order to rip the cover off the ball. If you don’t put on a tin hat you might think that this graph + an extended stock market + an extended sentiment backdrop + hedge funds going all in might = high risk.
What I think is that my portfolios are at their 2016 highs and I am going to raise cash this week. And I also think I still hold SPY short. In fact, I know I do. 😉Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.