Bulls Keep Creeping Higher

 | Oct 11, 2017 | 7:03 PM EDT
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If variety is the spice of life than this market is as bland as it gets.
There hasn't been any major change in the action in weeks. It is a slow and steady uptrend with no variation. There isn't even any intraday volatility to speak of. A number of records for consistency have been set and we see new all-time highs on a daily basis. There was no reason for the strength to continue today but as Sir Isaac Newton once said: 'a body in motion tends to stay in motion.'
If this action was occurring within a downtrend there would be screaming headlines about how market dynamics have created a disaster. There would be a movement to ban computerized trading and short selling. There would be outrage at the way the market is manipulated and the artificial nature of the action.
Since this action is to the upside, the trillions of dollars that are held in passive funds doesn't much care. The bears are obviously bothered, but they have been so totally wrong for so long no one even takes them seriously.
Active traders keep wondering when overbought conditions may matter but most of them just try to go along for the ride as best they can.
The gains continue to pile up and the fact that the market action is totally unnatural does not matter. Complaining about it certainly does no good, and predicting that things are going to change is not only useless but costly. Our only choice is to keep on riding the momentum train until it jumps off the tracks.
The Nasdaq 100 (QQQ) led the day as the FAANG names acted better, while small caps lagged
Breadth improved steadily all day and ended up at 3700 gainers to 2900 decliners. The number of new highs was substantial. The market and many individual stocks are now grossly overbought but it just doesn't matter.
Have a great evening. I'll see you tomorrow.

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