Personally, I believe the markets are close to peaky-peaked out, but I don’t see them falling off a cliff in the immediate future.
I thought it was incredible how the PANW earnings reaction smoked 100 points out of the /ES and it came right back with NVDA earnings. IMO, this is a big FOMO market. Not big fat——big thin. Remarkable. Catalysts going forward? Ehhhh...?
I would take or protect some.
Incidentally, I have not checked this but my sense is that the rally since October is possibly one of the top 5 rallies of all time. If not in the top 5, it’s still huge.
Consumers are running out of discretionary income and carrying more debt. Not conducive to continuing market strength IMO.
“my sense is that the rally since October is possibly one of the top 5 rallies of all time”
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Agreed, and I believe it’s running out of steam in the ST. It will almost certainly be higher by November, but there will be some tradeable swings in the meantime.