Blew away Monday's swing point. Optimism in the air.
Hopes rising over a Greek deal.
Know what else is rising? Platform shoes, yet again, which this time have gone out of this world.
Yes, Alien Platforms have arrived. Behold the Qozmo Hi Alien Platform which features a holographic finish atop a lime green base color, and even an antenna on the toe box of each foot.
This intergalactic platform is not alone. Alexander McQueen is featuring an "extraterrestrial platform" as well.
Amid the latest Space Race (covered here in April), these developments make perfect sense. They also qualify as a social mood alert. The last platform shoe alert was in Spring 2012 and preceded a 10% correction.
According to Socionomics, “At the end of a rally phase of a bear market, the fashionable literally lift themselves back toward former heights with several inches of corked footwear.”
Wait, bear market? Uh, actually, yeah . . .
According to Advisor Perspectives, since 2000 the inflation-adjusted "real" price of the S&P 500 based on the Consumer Price Index is -0.04% (data through May 29th).
Maybe it's called the most-hated bull market in history because people know the truth: it's really just smoke & mirrors caused by the Fed.
Keep the space theme in mind. Gravity has a way of pulling people back to earth.
Quiet after yesterday's wild ride in EUR, AUD, and USD.
5s and 10s broke their swing points as 30s held. Flattening leading to inversion? Better hope not.
Both WTI crude and NG inversely correcting their respective moves.
Futures exceeded Monday's swing point -- something the S&P cash couldn't do yesterday, missing it by less than two measly points -- likely benefiting from well-timed buys of +10K contracts on the 5-minute chart.
The cash swing point -- 2119.15 -- is key to breaking the series of lower highs. Should the cash index succeed in this today, it would be significant because yesterday the market failed to fill the lower 2098.48 gap by just 4 ticks. This suggests higher prices.
The bigger level below remains 2067.93. Otherwise, ~2150 is game.
Heading to the mountains today with my neighbors for some lechon asado, roast pig on a spit, one of the delicacies of La Isla Del Encanto, I'm told. Have wanted to try it for years.