According to my turn probability summation system, there are two windows this week in which the probability of a turn in or acceleration of the current trend in the DJIA is higher, the afternoon of Monday June 1st thru Tuesday June 2nd and on Friday June 5rh.

Last week the Tuesday 26th thru the morning of Wednesday May 27th turn window caught the low for the week and a nice turn higher as marked in red in the marketwatch.com plot segment below.

This market appears to currently be driven higher by something that reminds me of the guy who used to wander around Times Square wearing a front and rear poster board warning that the End is Near.  Of course the Times Square guy was warning incessantly about doom which never came where today's drum beat announcement of the end refers to the war in Iran which also doesn't appear to be happening anytime soon despite all the gum flapping to the contrary.  It's hard to know what might make the market wake up to the realization that this conflict could go on for a very long time, but when it does, I suspect it will not be well received.     

Regards,

Douglas 

As we all know the mkt discounts future economic data about 6 mos. in advance.

The current consensus estimate for SPX earnings in 2026 is $325. At the current

price of 7545 we're looking at a P/E of 23.2. Next week the mkt will start discounting

earnings for 2027. The current consensus estimate for SPX earnings in 2027 is $375.

If we assume a P/E of 23.2 remains viable it would take the SPX to 8700.

say about AI at JPM. What do computers do the best? Math, and arranging sorting etc. JPM is all about high volume repeat transactions, how come we never hear him say anything about how AI benefits them. (speed, quality control). He keeps everything close to the breast. (jmho)

https://articles.sto...ay-be-starting/