We remain bullish.
We said it before, and we’ll say it again.
Never allow your apophenia to get in the way of a good stock market rally.
Every single time a trader thinks “But it can’t go higher” because of some subjective ‘feeling’ that the ‘stock market is ‘too high’ … the market can ramp higher still.
Because the stock market can do whatever the heck it wants to do, and go however high buyers are willing to push that price. The market is an auction. There is no predicting an auction. Buyers, or a “bid”. Sellers, or an “offer”. An agreement is reached on price, or a “mark”. And with lightning speed, the entire deck is re-shuffled and the process begins again.
There are never more buyers than sellers. There are never more sellers than buyers. One side simply becomes ‘aggressive’, and the other side backs off. And as we were saying … there is no predicting an auction. Yes, we remain bullish on prices as we have since February. But we’re simply going along with the ‘flow’ or trend at the moment. We realize that this can change at any second, and there is no predicting the auction. If you don’t believe that? Simply go to your local auto auction, and try to predict what the bidding will look like in 3 hours.
It seems so many are concerned about ‘how high’ the stock market can go.
Listen, it can go as ‘high’ as it wants to, and do whatever the heck it wants to do.
That is the nature … of auctions.