Even if one does not use technical analysis, it is a good idea to take a look at a chart now and then to maintain one's bearings in a market. It is a natural tendency to get caught up in the short term movements, to be affected by the hype and hysteria from the bulls and the bears, and to lose the bigger picture and the general intermediate trends.
It appears to us that we are seeing a lifting of US equities in response to a government sponsored program of reflation using monetary stimulus and creation.
The dollar is showing a commensurate decline as we might expect, since the increase in equities (and the long end of the curve) is being accomplished through dollar dilution.


"Then the kings of the earth, the nobles, and the military commanders, the rich and the powerful, and all the rest who served them hid in caves and sheltered among the rocks of the mountains. And they implored the mountains and the rocks, 'Fall on us and hide us from the face of the one who sits on the throne, and from the wrath of the Lamb. For the great day of his wrath has come, and who then will be able to stand?”
Revelation 6:15-17

