According to my risk summation system, the days with the highest risk of a turn in or acceleration of the current trend in the DJIA are Monday the 8th, Wednesday the 10th and Friday the 12th. Maybe so many risk windows means next week will be a whipsaw affair consolidating this past weeks gains, or maybe a little sell the news on the infrastructure bill passage then buy the dip as always, who knows.
Last week's Wednesday risk window started out looking like the start of the long awaited correction, but just about the time the bears put on the second record at the party, the bulls came storming back in turning the risk window into a dud. In the Friday risk window the bull party cranked it up a notch with a morning gap and rally, so I guess one could call that an acceleration day, but the bulls went back out to pasture late in the morning although they didn't fill the morning gap. Given the dull afternoon, I think Friday should also probably be chalked up as a dud wrapping up an 0 for 2 crappy week for the system.
The long cycle key risk window that I mentioned last week also was a no show. Shorts expecting this widely followed risk window probably provided a lot of the fuel for the short squeeze rally.
I saw more evidence of accelerating inflation this past week. I was trying to buy some stainless steel on the web and saw two prices for the exact same product listed by a manufacturer on two sites. When I called the manufacturer to find out if the lower one was correct, they told me they were having to change prices so often that they had just not caught up with all their sites. It reminded me of the story I read about Weimar Republic inflation where restaurants wouldn't put the price of meals on menus because the price changed so fast that it could cost more by the time you finished desert. It was eat quick or pay more. It's not that bad yet, but I did hurry up and buy that stainless.