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Sugar Glass

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

Well, folks, it’s time to check the results of the latest election for Premiere of the Soviet Union major market indexes and see what’s what. I’d say at this point, the entire globe is covered with bear carcasses, and I see no logical reason left why the market should go do again. Ever. Because if you throw $120 billion of cash every month at this thing, why shouldn’t Dow 100,000 be just around the corner? Seriously.

So we start with the Dow Jones Composite which has blown past any boundary of its wedge and, like almost everything else, is simply celebrating each new weekday with a price level never witnessed in human history.

The NASDAQ Composite is not at a lifetime high, but by God, it’s close (and with goddamned Powell making yet another 60 Minutes vanity spot on Sunday evening, he might blather out some words which vault it right across the finish line).

This Dow Industrials has, over the past few years, had a whole series of ups and downs, although the most recent “up” is clearly its most interminable.

Like the Composite, the NASDAQ 100 is not at a lifetime high, but it’s extraordinarily close; even a tiny “up” day Monday would do the deed.

Perhaps the most blasé index, the Russell 2000, which is the small caps, has been meandering for two solid months. Here we see the index pretty much unchanged since then, as it sine waves its way around.

The S&P 500 is sporting a well-defined wedge, which it has ripped above with some gusto.

The last bastion of any weakness at all is the Oil and Gas Index, which has a legitimate chance of having its own private, personal bear market. Perhaps this is the last honest representation of the actual economic prospects facing the world economy.

Rationality, traditional business metrics, and common sense have all been thrown into the meat grinder, people. The devil rules the roost now. The day will come when intelligence, discernment, and wisdom will thrive once more. What stands between us and that day – – the events to compel such a transformation – – becomes more dreadful with every passing week.

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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