U.S. Stock Market – I said in my July 17th update the attitude is to “Party on dude” and ignore the real problems for now. In my July 24th commentary, I noted we should not expect any bear sightings until at least the fall. I noted the technical picture had improved as well. It would be foolish to suggest from a technical outlook that the stock market is not technically strong at the moment. These are quite bullish formations and while they show the markets to be overbought, there’s no argument to be made that they suggest any serious declines for the foreseeable future. Technically, these charts suggest at the moment another 10% higher before any good selling opportunity presents itself. Ideally, it would be great if we went straight up to those levels without any meaningful correction as that would almost certainly become a screaming sell. But markets usually don’t make things easy so I remain on the sideline with mucho cash waiting for a real good opportunity. (more)
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