Runaway Market Closer To Being Confirmed

Published 03/30/2016, 05:55 AM
Updated 07/09/2023, 06:31 AM

SPX:IBB Daily


While all the technical traders have been busy assuring me I’m wrong, and the stock market is about to crash, we saw again yesterday that S&P 500 technicals are useless as the market comes out of the 7-year cycle low. A runaway market is close to being confirmed.

Quit wasting your time following these people. The perma bear deflationists will just continue to get it wrong over and over. I warned that there was a possibility a runaway market could begin and if the S&P breaks the intermediate trend line, odds are going to go up significantly that this outcome is in progress.

I continue to like the rounded bottom forming on biotech (via iShares Nasdaq Biotechnology (NASDAQ:IBB)). Once the speculative driver of this bull gets in gear the rest of the market will really start to move higher.

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