Lower Highs Across The Market As Fed Puts World At Ease
Tim Knight | Sep 22, 2016 08:47AM ET
It’s a new day, but more of the same: everything is green. The “soothing” (as ZH put it) Fed has put the world at ease, and everything is being bid up.
I would point out something interesting about this lift, which is that in each case, we are painting out what appears to be another in a succession of lower highs, whether you are looking at crude oil……..
……or gold…….
…….or equities (via ES)……..
Of course, the fact that everything is “higher” (irrespective of relative position compared to prior uplifts) is what folks is going to focus on, but I offer the charts above as a matter of perspective.
Of course, there are plenty of stocks, as well as a few indexes, which are just straight-up, no-question-about-it new highs whose ultimate peak is impossible to determine. They simple seemed destined to keep going up until the FOMC loses control (in the year 2198, I guess). Take the NASDAQ (please!):
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