layoffs in Friday on a strong market day. They sold the hyper-scalers last time because of Capex, PE ratios have come down since then, we should be headed closer to a top if not this week. FWIW I think Jay is lucky to be getting out when he is, the inflation, slower growth the Bad Billionaires Bill will maybe hold us until the Fall, and Wall Street will see that coming. I hear our economists saying  we only need the pathetic job numbers we achieve now to sustain the economy,  do we not need as much taxable revenue as possible to help with our debt don't we? Are we just going to forget about that. !0% of the people are spending 50% of the money.

   I think after reaching a top, which could even be around 7200,I think the market  trails off to June, it might retest 6850. Late May is usually when I get back in the semis. so lets see what happens then.. JMHO

The highest reading in my turn probability summation system this week occurs on Tuesday April 28th, but the values on Monday and Wednesday are so high that this turn window should probably stretch from around noon on Monday the 27th until noon on Wednesday the 29th.  The summation value is also high enough on Friday June 1st that it should also be considered a turn window.  Unfortunately not very targeted at all, but that's just the way it's been lately. 

 

Last week the DJIA just bounced around in a range, I suppose digesting the big runup of the last several weeks, so neither turn window denoted in red in the marketwatch.com plot below tagged anything to get all that excited about.   I'm a little surprised more didn't happen last week, because several pretty reliable weekly cycles that I track all turned last week, but the DJIA just laid there like a lox even though black swan risks seemingly abound, even at the Correspondents' Dinner of all places.

 

 

Regards,

Douglas

 

 

 

I'm waiting for it in August-September...eom.

https://www.yahoo.co...-081153426.html

I haven't been following internals, this market is very perplexing, I am just not sure if the 6 months sideways was a weekly bull flag or this blistering 3 week rally was just a throwback to the final retest.
Tight rising channel as we have had the last 2 weeks is what bull markets are made of, I am very leary expecting a bear market with this type of price action.

Powell has stated before that he does not equate the dotcom bubble with AI price action, he said dotcom had no earnings, AI does.
While some point single digit P/E's for chip stocks, S&P is over 40 P/E, I do not buy and hold a market with those overpriced numbers, I wish buyers well but not me.