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Friday, June 23, 2017

Daily update 6/23

A while back I mentioned the poor guy on CNBC berated for asking what could go wrong in the stock market.  I guess I am not the only one to notice rather rude bulls.  Saw this quote today.

Perhaps you’ve noticed the belligerence of the bulls of late? How they all seemed to have lost any manners they should have gleaned from their upbringings in catty concert? 
– Danielle DiMartino Booth

This is a great example of group think.  If anybody dares disagree they get attacked until they shut up.  This is the same tactic used by the global warming people to quiet any scientific dissent.  I read personal accounts of scientists that found they could not get research published, lost grants, and sometimes verbally attacked.  No wonder they gave up trying to educate the masses.  The trouble is group think when it comes to markets always ends up bad.  Always.

Another narrow range go nowhere day.  Breadth was +65%.  New highs increased a bit to 103.  New lows dropped again to 37.  The re-balancing mentioned last night was done without any major movement in the market. 

The futures remain trapped between the 20 and 50 SMAs.  Maybe next week they will break out.

The red count turned down only a bit.  It remains above the green count and below 50. 

Despite only a little upside in SPX the VIX fell all day and closed below 10 again.  It has closed below 10 more times this year then it has in its entire history before 2017.  That is how odd this year is.  The market is unlikely to go up from here with the VIX already that low.  I think odds are we will see more downside next week.  Get the VIX up to 11.50 or higher and the bulls might step in. Unless QQQ collapses again.  That could change the picture. 

There might be a perfectly good explanation for this picture, but then again ...

Have a great weekend.


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