According to my turn probability summation system, next week the days with the highest likelihood of seeing a turn in or acceleration of the current trend in the DJIA are Monday June 8th which is probably part of wider window stretching back to last Friday June 5th and a turn window centered on Wednesday June 10th. 

Last week the Monday noon through Tuesday June 2nd turn window looked like it tagged a top going into Wednesday in the marketwatch.com plot below excerpt, but then came the scorching rally Thursday blowing those bears to smithereens, so a dud.  The Friday the 5th turn window, as I note above, is probably part of a larger window stretching through this coming Monday, so that turn window will only avoid dud status if the turn down can survive the dip buyers that will surely come out of the woodwork Monday.  

The Wednesday next week turn window should definitely see some volatility given the CPI numbers being released that morning, unless, of course, the data has been massaged into complete fiction by the numbers fudgers. 

The key appears to me to be the green lower trend line in the modified marketwatch.com plot below.  If it holds, then you're back on the high road to Nirvana, if it fails, then the low road to Bear City, at least until the next Peace in Our Time Iran War Tweet from the POTUS.

Regards,

Douglas

possibly of a major TOP around year end and then a one year bear market lasting for the whole 2027 ? I underline, possibly.   

A lot of us are able to remember 1987. I was a pup broker. I remember as spring wore on, secondaries (where all the Val-yuh Stocks were, and which Legg Mason encouraged us to focus our buying) did nothing or declined some, even as the DJIA just ground higher and higher. This of course went on for months. Had you shorted the majors, it would have been painful.

The current market, which has been narrowing, has a similar feel. I'm not going to say that it ends the same way. In fact, the sentiment profile is utterly inconsistent with a top of any import, let alone a Crash.But, I suppose the take-away is that, chances are, the leaders will grind higher for longer than expected, and we probably should not fight that. Also, we probably ought not bargain-hunt in the secondaries for a while.

ST, the very low P/C's bother me, but those tools are not as reliable as I'd like. Also, the low Rydex Ratio is pretty low, which has often, but not always, indicated some trouble ahead.

And the stock went up $110 since last night and is still going. UP 68% since June 1. $200 Billion Mrkt Cap. 

So no bubble?