Well, they finally did it. On an adjusted basis (that is, adjusted for dividends, which I think is the only proper way to do it), the SPY has broken out to a lifetime high.
Liquidity moves markets!Follow the money. Find the profits!
Accompanied, as pointed out by ZeroHedge, with the fastest plunge in volatility in market history.
The cash index itself has not (yet) broken to lifetime highs. We’ll certainly see that event slathered all over the press when it does happen. As a side note, the uptrend from December 26th was broken, but I’m not sure at this point if it makes one whit of difference.
The small caps are roaring higher at twice the pace of the S&P, although the damage there is more substantial. I would also point out that, unlike the S&P 500, the small caps are far, far away from their own lifetime highs. A cross above that green tinted zone, however, would ensure many more months of buying.
Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.