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[CLK]

Recent NYAD div./w NYA.

[Douglas]

To start a fire you need air, fuel, and a sufficiently hot spark. This stock market in the current FED fueled environment appears to be functioning in much the same way. The FED brings the fuel - money printing, some entity seems to provide sparks in the form of positive rumors anytime things look a bit shaky, and investors starved of yield provide a source of air which appears as volume, breadth, etc., but the unknown entity also seems to provide air as needed. The market with intervention appears to be a self sustaining fire. This on-fire market keeps burning higher. One day the cold water of the reality of the bubble will hit this fire, but they're gonna need a really big bucket to douse this barn burner. The recent deterioration of the breadth shows weary investors are starving the market of air, but if the invisible hand of intervention cranks open its valve, this divergence will magically heal. Only time will tell if nature will take its normal course or if it will be perverted once again. These are truly interesting times. Regards, Douglas