Loading ...Ye of little faith. Not only is sentiment irrelevent for stock to continue to rally, so are fundamentals, economic indicators, and actual investors themselves. As long as we have the Instituitions bidding up stocks amongst themselves via the Central Banks, there is no limit to how high stocks will go. Which is good. Since stock prices HAVE to go up forever and ever for our entire financial system to work.
UBS Fears False Dawn In Stocks: “We Don’t Have The Sentiment For A New Breakout”
While asset-gatheres and commission-takers are celebrating the record highs in stocks – after the world did not end last weekend – UBS Technical Analyst team is a little less sanguine, fearing that this move to new record highs in the S&P could well be another false breakout due to a lack of sentiment signals in derivatives-land, and breadth breaking down.
On the one hand, the SPX is making marginal new all-time highs but on the other hand, we have the very steep 2016 bull trend underpinning the market coming under pressure to further deliver – if not break this trend.