U.S. stock indexes are on a heater.
The U.S. indexes (and those of most other countries) continue to rise along with the temperatures in what we believe is the middle innings of a topping formation. Bulls keep charging ahead, right in the face of increasing risks of a top being formed.
There is some fairly strong resistance here, but the bulls have cut through all other ceilings “like butta” so far this year, so they deserve the benefit of every doubt until proven otherwise.
Remember: a topping formation is a process that can take weeks to work through, and this one looks like it may still have a few weeks to go. So, until we see some tangible signs of an imminent reversal out there on the horizon, we will keep playing small ball, with a lean to the long side, ready to take profits when offered until this tide finally turns.
The views expressed represent the opinion of Good Life Asset Strategies, LLC. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness.
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