Markets are still looking good. In fact they look stronger and seems like the rest of the year could be an uptrend. But I never want to assume anything so will keep watching every day what the trend tells me. As of today, the trend is distinctly bullish.
I am long:
SPXL based on trend seen in the SPY. The trend looks bullish even though it had a down day last Friday.
FAS based on trend seen in XLF. This looks strongly bullish.
TNA based on trend seen in IWM. Again looks string bullish.
So, what about the others. Let us take a quick look at them.
QQQ: Is suffering and looking bearish with the election hangover over it.
XLE: Is kind of neutral at this time. I will keep watching.
EEM: This one is really broken. Completely bearish.
XLU: Completely broken.
XLI: Hugely bullish.
So, seems very much that market is specifically driving up based on expectations from the new President-Elect so far. I wonder if that expectation eventually takes the rest of the market higher or the expectations get dashed somewhere in the next days or weeks. The issue here is that there will be a lot of speculation from now till inauguration day with not much real policy decisions. So, fear could grip the market at any time.