A note. Often an early sign of impending market decline is weakness in "leisure" issues. Spending on such items often the first to be sacrificed when people decide to "cut back". Check out WYNN and MLCO.
______________________________________________________________________ Here's part of the explanation as to why the market might move significantly higher over the next year or more.... 1. Several other markets in decline, with weak currencies 2. $USD the "cleanest dirty shirt" among currencies 3. US interest rates in the 2-3% range while zero or negative in some other countries Could be investors in other countries will sell out of their local securites and buy into the American equities and bond markets... a flight to quality. That's my fundamental rationale... not clear in the charts yet, though. FWIW....
This has been taking place for months, and continues to gain steam. Repatriation should be considered as well, as that is a two way trade as well. I think this was recently posted elsewhere on ET, but possibly somewhere else... I don't remember. https://www.federalreserve.gov/econ...repatriation-of-offshore-profits-20180904.htm
Corporate buybacks, which started with ZIRP long before the yuuuge tax cut, have fueled this market. Not short covering. Fed fingerprints all over it.
We'll turn at 2950, and ease back to 2850. We need earnings. (Or, *real* China news. A goose from Canada or the EU, even. Just to top 2950.) Real rise ("real" meaning, 'above 2950') won't happen til some solid earnings. Couple of weeks! Have faith. (IMO...!)