22 July 2013

SP 500 and NDX Futures Daily Charts - A Drift Higher on Fumes

Earnings are certainly nothing to cheer the markets. And they are not.

One has to wonder how much these jokers have left to keep pumping this up higher. It has come quite far already, and probably a bit too far for its own good.

Market technicals (commonly known as shenanigans) can conceivably take it higher in a short squeeze if the specs come in too hard and too early, but it does not appear that the fundamentals justify the prices here.

VIX has sunk to recent lows again.  It may remain here for some time, and even drift a little lower.  But as insurance it looks a little more attractive now.

Its all the Fed, all the time.