Extreme Greed continues
Market AAII Sentiment moved up bullish slightly
New 52-Week Highs vs New 52-Week Lows continue bullish
NYSE New 52-Week Highs: 273 vs New 52-Week Lows: 37
Nasdaq New 52-Week Highs: 288 vs New 52-Week Lows: 140
McClellan Oscillator
New Highs - New Lows
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Today
Positive reading for shelter inflation (a big component of core inflation)
China, a ticking time bomb
If anything will trigger a pullback is if economic growth or the jobs market starts to deteriorate meaningfully—and that is when the market will weigh the Fed more.
Awhile ago a lot of people referenced this falling M2 money supply as why stocks would struggle and we might see a recession
They were wrong and we made new all time highs because although % money supply is trending down, the total amount of money supply is still significant and supportive of asset prices.
Forecast
GDP and Core PCE is this week
GDP growth should come in-line or exceed expectations given the strong jobs numbers from Jan. And Core PCE is also likely going to come in-line or just slightly hot.
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