After 15 rate hikes and an extended bull rally, the Economy seems healthy despite the enormous deficits we pay interest on (mostly to ourselves), at least for now.Yet the triple-witching expiry ends the week with 5-year record highs. NYSE Margin debt, at $232B, is almost back to the 2000 record level of $275, mutual fund cash (per Ned Davis) is below 4% (a different number than IBD posts).
The Indicators still seem in a rut except for a couple outliers: The Advance/Decline was very positive (net 1941), as were the New Highs/New Lows, with REITs displacing Medical stocks from first place.
Inv.Intell. Bears moved up to 33%, as did the AAII. However, Market Vane's survey Bulls climbed to 70% and the Barrons Panic/Euphoria Master Indicator pulled up to the -.30 line, out of the Panic area, for only the 3rd time in many months.
Still no consensus of either extreme to act upon, just plenty of onemy out there. The number of millionaires in the U.S. is up 50% in the past 2 years, and the oil producers aren't exactly hurting either. Wyckoff might call this an UpThrust After Distribution.
With record numbers of dollars coming out of Money Market Funds, mostly into the crowded trade of short term bonds, anyone who has a minimal knowledge of covered call options and/or an interest in hedging stock market exposure might want to check out: brentleonard.com for an alternative strategy that is low-risk as well as highly rewarding. For those of you wanting more details and actual trading results, a new book is available for $14.95 at Amazon.com: Zero (IN)Tolerance
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