Here we are in the July 11-17th window mentioned back on July 7th.
Today is arguably the biggest Bradley Turn Date of the year. Futures are ripping higher on the latest China GDP report showing the first acceleration in three quarters. Again, like China is going to save the world . . . the same old desperate narrative, wake me when it's over.
The 10-year is saying This Ain't No Party.
Since the beginning of June, the 10-year has been acting strangely. Now it's gotten worse. This morning it is especially apparent, and the set up for a reversal is very real.
Either the S&P makes a new high today, or it fails. Either way, until it whistles past the wide-open Bradley window, I doubt I will be playing along -- even with cheap calls.
Yesterday's new high (1982.52) negated the 1969.84 stop. There is a gap at 1985.44. Yesterday's high should be watched at the open for clues.
Simply put, in wavespeak, there are five waves down and five waves up. Not much of an edge at the moment. That can change quickly. If it does, I'll mention it on Stocktwits and Twitter.
In the meantime, if there was ever a better explanation of why I simply don't trust this market structurally, David Stockman just one-upped it.
The Implosion Is Near: Signs Of The Bubble’s Last Days
This ain't no fooling around.