Below looks at the Dow Jones Industrials Index over the past 100 years on a monthly closing basis-
In the early 1980’s the Dow used old resistance to become new support at (1), where a breakout and strong rallied followed.
CLICK ON CHART TO ENLARGE
Global shares hit another record high on Wednesday, propelled higher by what increasingly more call (ir)rational exuberance, and investors’ unflagging enthusiasm for tech stocks. That said, S&P futures are unchanged the morning before Thanksgiving (at least before the market open ramp), as are European stocks (Stoxx 600 is flat), despite the euphoria in the Asian session which saw the MSCI Asia Pac index hit a new all time high...
The last time we looked at the near-record difference between GAAP and non-GAAP Dow Jones earnings, we found that it had crept to a (virtually) unprecedented 25%. To be sure, that was exactly one year ago, when the economy was perceived as being in worse shape than it is now, thanks to the narrative of a "global coordinated recovery" which is really just record central bank liquidity injections, and Chinese credit creation, both of which have recently hit the brakes.
Economic Data continues to surprise to the upside (compared to what had been terrible expectations)...is this as good as it gets?
But credit, the yield curve, and now stocks are not loving it...
Baahhhhh...
The day started off with the 4th down day in a row for Japanese stocks...the biggest drop since April.
It was quite a day for a few key assets...
GE collapsed...