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Seasonal Rally Nipping at Bears’ Heels

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The broad averages have been lapping at some long-term rally targets this week, although not so voraciously that bears should dive for cover quite yet. A 304.07 target for DIA has been exceeded so far by 1.63 points; a 312.29 target in QQQ by 2.35 points; and 12,829 target in the E-Mini Nasdaq by 89 points, or  0.6%. These Hidden Pivot resistance points have already served us well, keeping us comfortably on the right side of powerful uptrends that flouted the pandemic’s fatal effect on a wide swath of the U.S. economy. Small businesses are failing by the thousands each day, creating structural unemployment problems that will be with us even if there are ten more stimulus packages yet to come. Wall Street seems not to care, as long as a handful of mega-cap companies that earn their money mainly from advertising continue to grow in value. They have been inflating ‘wealth’ by tens of billions of dollars each day, dulling whatever lessons investors may have learned from the last bear market. Please note that the Dow Industrials are poised to rally a further 2300 points, to at least 32,692, if the new year begins with a bang. It’s hard to imagine what could stop it.

Please do not ask trading questions!

  • BonfireofTheBanksters December 30, 2020, 10:16 pm

    The hilarious thing is, whilst the big tech stocks are so reliant on advertising, 90% of the adverts these days are pure garbage.

    On YouTube, I am incessantly shown ads for scam training courses, MLM schemes, get-rich-quick schemes, and similar frauds. I can’t remember the last time I actually saw a YouTube advert for a genuinely useful product at a fair price (thereby disqualifying all Apple products).

    I wonder whether my internet browser cookies are simply highlighting me as a mug ripe for the picking, or whether others users are experiencing the same?


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