Ivanhoff and I toured the markets as always and you can watch or listen to the episode by clicking here.
This market is pretty sneaky.
We are just two percent from all time highs on the S&P but the sentiment is EXTREMELY bearish. That is bullish.
A lot of big boring companies are at all-time highs including Pepsi, Costco, The CME and The Nasdaq.
So…why all the bearishness?
I think it’s mostly Fat Nixon and the Media in their love/hate relationship that has most people tired and unhappy and feeling aggravated. Count me in that group, but I also know enough to follow leading stocks and prices. That little extra bit of knowledge and homework have kept me in the markets this year.
The IPO market has a lot of people feeling mad and stupid which likely accounts for the nasty sentiment. Those people that chased $UBER and $LYFT and Slack ($WORK) are all down 30 percent. Take a look at the charts:
Markets are doing their thing climbing this endless wall of Fat Nixon worry.
I am thrilled that Apple and the semiconductor stocks continue to look strong. They are my barometer for the China trade war and right now they are not flashing any warning signs.
The market may roll over of course, but fundamentally and technically things look ok to me for the time being.
Have a great week.
As a reminder, Marketsmith (by Investor’s Business Daily) is now a sponsor of the weekly show. All the charts you have been seeing in the videos and will continue to see are from Marketsmith. They are offering my readers a three week trial for $19.95. Click this link if you would like to try it out.