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Welcome Back To ‘Mission Accomplished!’

I’m just going to put up the latest machinations of the “markets” expressed via the same chart I was using since the beginning of the year. All I’ve done is moved a few of the texts to highlight what I still believe are important markers to be on the alert for.

Now, with that said, it’s getting harder and harder to not laugh when I hear/watch/read some talking head or next-in-rotation-fund-manager of the various business/financial mainstream media outlets divulge their “professional insight’ to explain precisely why these “markets’ propel ever higher. The most laughable is the “Well, the markets are forward looking and they’re pricing in the rebound we’re due when we get back to normal, blah, blah, blahhhh.”

Sure they are. Or, said differently: Why do we need to go back to normal when this is all working out so well now? I mean, why work? Why have earnings reports to begin with? Who f’n cares anymore! MMT (Magic Money Tree or Modern Monetary Theory, whichever you prefer) is now the go-to end all, be all, savior of all. 2+2 now equals = whatever you want. That is, until it doesn’t. But, until then? To wit:

(Chart Source)

On a side note, I’ve been asked by a few technical chartists why I’ll keep certain elements, like my improvised reversion to the mean channel for so long when the “markets” have clearly demonstrated that they’re no longer following said course? i.e., broken out of them, etc. Here’s why, for those that may want to know…

It’s all about seeing if the “markets” (or machines, if you will) were looking at the same things I was. If they were (this is highly interpretational or intuitive descriptions) then sometimes over time you may see said “machines” react to it if they, once again, get near them. And, as one can see, if you zoom in on the current machinations of the past two days. You can see as soon as we hit the underside of that channel I drew months ago – it stopped and could barely get back in unless it “jumped” or “gaped” back in. Meaning: the “machines” were paying attention to it all along. Again, it’s all purely speculation, but, then again, there it is, right?

As always, we shall see. But as of this moment, that channel represents nothing more than what Ozzy opened up one of his best songs “Crazy Train” with…

“All Aboard! Ha ha ha ha ha ha ha….”

© 2021 Mark St.Cyr

Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.