This market looks precarious. It may continue on higher as long as real, versus manufactured, volume remains unusually low.
There are enough corporate buyback programs and sovereign entities, including central banks, willing to buy US equities at these levels. The general public and institutions seem to be sitting this one out.
I suspect that when an event of sufficient magnitude or type occurs, as they do from time to time, a slide will be triggered, and the wash and rinse of the general public, their pensions and their savings, will begin once again.
The longer this goes on, the broader the set of events that can trigger the unlikely slide of consequence seems to grow.
Still, an outright crash would favor the orange-haired presidential contender, and not the poster child for the financial establishment. So that may be an unlikely bet to make before November. They seem to be going all out to sustain the unsustainable.
This is exciting only if you can see the tensions growing beneath the surface, which is dullsville to the casual observer to say the least. I have to admit I have been growing jaded on this nonsense of late. But a whiff of Autumn is in the air, and after many a Summer, dies the swan.
So let's see what happens.
Have a pleasant evening.
