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- These Same Patterns Keep Repeating (for now)
These Same Patterns Keep Repeating (for now)
The S&P has rallied a long way in a short period
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Our View
Over the last 11 sessions, the ES has rallied 386 points from its low up to a recent high of 5798.75. From the low on August 5, the ES is up more than 675 points (or 13%).
No matter how you look at it or what anyone says, the markets have come a long way and continue to overlook an array of negative news. I have said this before, but I am not just the PitBull's friend; I am his street-smart consigliere, and he has been very straightforward about what he thinks of the stock market — and it isn't good.
He said he got out of all his stock positions today, and if the S&P keeps going up, he’s okay with that (I don’t doubt that). He said that everyone is long without a care in the world and that October is coming, which scares him right now.
According to @HandelStats, the ES has only been down one month in the last nine months, and the stats show there is going to be another down month. Why not “spooky October”? He finished by saying that the election is frightening. And lastly, he asked me, "What happened to the volume?"