Less than thirty points to a new post crash high for the S&P500. Stocks are getting a little giddy, but other markets are confirming the rally, however.
Safe havens — bonds and gold — are moving lower. Global equities are ripping. The Trannies took out some serious resistance today.
Here’s our interpretation of what’s going on.
‘Twas the week before Christmas, when all through the House
A cliff deal was stirring, even if a louse.
Though Repubs were stung by the election, but markets don’t care,
In hopes that St Nicholas would soon be here.
The traders had wrestled with shorts that had bled,
While visions of losses danced in their heads.
Obama in chief, with Boehner in lap
Kept pushing a deal, which gave stocks some zap.
When out from Europa there arose such a clatter,
Bond traders sprang forth to see what was the matter.
Athen’s credit upgrade came like a flash,
And Shinzo’s landslide made the yen trade like trash.
McSwans were at rest as China would just slow
QE gave them support so no “look out below.”
When, to our surprise what should now appear,
New flows and momentum with new highs in the clear.
With seasonals the driver, so lively and quick,
We knew in a moment it must be St Nick.
More rapid than eagles this rally it came,
And baffled , and routed, and put bears to big shame!
“Now Amgen! now, Google! now, FedEx down VIXN!
On, Citi! On, SocGen! on, Stratasys and 3D Systems!
To the top of the range! Before you all stall!
Now dash away! Dash away! Dash away all!”
There you have it, folks. Seasonal Greetings! Hand – always – close to eject button.
(click here if charts are not observable)