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Grim Tim

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

Call it the Peloton rally, if you like. This one stock neatly sums up what’s been going on since September 24th. Here we have a company that sells stationary bicycles (with a recurring monthly fee) that has gone up 50% in just a few weeks, reaching lifetime highs virtually every day. Their market cap is $35 billion. Of course, they’ve never earned a single penny.

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But it isn’t just this one company. The Dow Jones Composite, as you can see, has been on a total joy ride. September 24th was the last, best chance for a breakdown, and it was aborted in a back alley. Here is a link to the charts I posted that day, showing the breakdown that was starting to happen. Like I said: aborted.

A longer-term view of the Dow Jones Composite shows a breakout past the price gap of early this year………

…….and the NASDAQ Composite bounced right off support too……..

Even the boys down in Gainesville are giving up. They have re-labeled their charts about 900 times over the past few years, and I think they’ve reached what the scientific community calls the Fuck-It Point and are now assenting to the Dow going up to 31,000. One can only re-label so many times before you are out of eraser.

The NASDAQ 100 has broken out of a cup-with-handle pattern.

……the S&P 100 is pushing off its bullish base……

…… has its larger brother, the S&P 500………

Just about the only thing left which is interesting from a bearish perspective is the Small Caps (Russell 2000). One more “up” day would wreck this one, too.

The bad guys are winning, folks. I’m staying light. We’ll see if anything changes after the election. I’m not optimistic. The system is absolutely locked in to permanent asset inflation. If it starts to fail, they know how screwed they are. Free enterprise is dead. The simulation of it is thriving.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. 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. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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