The market was down the last couple days and rallied today to bring itself back to even for the week. This is a typical consolidation pattern after a big run. The market is down in post market trading after NVDA posted earnings. Evidently, the market was not impressed. Not sure where we go from here. A nice pullback would be lovely.
Interest rates continue to creep up. Normally when treasury yields and the market both go up, one of them is wrong. It is usually the stock market. Yields on 30-year treasury bonds is the highest it has been since 2007. In that instance, the market did not have wonderful results the following couple years.
The market is still incredibly expensive and at some point, we will get a bear market to reset the explosive run the market has had. No idea when that will be. It does not appear immanent. Of course, it never is until it happens. I continue to trade cautiously and am not spending a lot of time letting trades run. It has been a good couple of weeks though.
The rolling 52-week NHNL is starting to show signs of wanting to reverse. If that is the case, the party upward will continue!
