for 3 days now in a row we will close very close to the 9:30AM EST open for NQ... Go look at a daily chart and you will see that occurred for 3 days in a row on 05/25.... we were at 6960...and then we go for 500+ points... . We have been making higher highs and higher lows now since July 5th I see nothing that is gonna stop this bull run on NQ
I would LOVE LOVE LOVE to see that happening... I am a better trader on the short side... one thing I think drives us up is the massive monthly inflows to Equity mutual funds via corporate savings plans in the US....
Go back and read the articles from 2000 and mid 2000s when everything and anything was how it is now...where nothing could go wrong and out of no where the collapses came...same thing will happen again...
That could unfold tomorrow or in another year or two. If you have to go back and read it you have traded through one much less two full cycles.
The market has already been in an uptrend since May and hasn't made a weekly close below the 200EMA for over 2 years so I'm not sure what the pattern you mention is meant to prove. It surely doesn't prove that the bull cannot fail. This is a good time to be long but never take your eyes off the ball.
Record buybacks is what's holding this market up. First it was QE and artificial low rates and now it's the tax cuts that are allowing these record buybacks. Could you imagine if buybacks were suddenly prohibited...crash crash crash. Buybacks were against the law up until approx. 1983...most people didn't know that. Also, word on the street is that insiders are selling like crazy while at the same time telling their shareholders repurchasing their stock is a good deal. What a fricking setup, but I have to give them and the GOV credit for succeeding at this game of manipulation!
Thats exactly what's propping up markets, stock buybacks...and if you look at history of stock buybacks it's a known fact that companies usually buy their stock at record highs just before the drop!!
Its not at all a known fact. But it is a fact that every time share buybacks reach an all-time high, people say a crash is coming.