We should take Friday’s weak payroll numbers with a grain of salt, since they are most unlikely to change the Fed’s hawkish drumbeat of late. I am particularly skeptical of the strong rally in gold, although the current tout suggests maintaining a bullish trading bias as long as the hourly chart stays constructive. The E-Mini S&Ps are another matter, however. Based on the way they’ve rallied or at least remained buoyant regardless of Fed signals in recent weeks, I’ve put out a new rally target that is intended to stretch the bullish imagination — especially that of permabears who understand that keeping an open mind is the only way we can survive and flourish amidst the sustained nuttiness.
Have Bulls Finally Learned to Live with Fed-itis?
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