"Be happy."

"We interrupt this program with a special bulletin: America is now under martial law. All constitutional rights have been suspended. Stay in your homes. Do not attempt to contact loved ones, insurance agents, or attorneys. Shut up. Do not attempt to think or depression may occur. Stay in your homes. Curfew is at 7PM sharp after work. Anyone caught outside the gates of their subdivision sectors after curfew will be shot. Remain calm, do not panic. Your neighborhood watch officer will be by to collect urine samples in the morning. Anyone caught interfering with the collection of urine examples will be shot. Stay in your homes, remain calm. The number one enemy of progress is question. National security is more important than individual will. All port broadcasts will proceed as normal. No more than two people may gather anywhere without permission. Use only the drugs prescribed by your boss or supervisor. Shut up, be happy. Obey all orders without question. The comfort you've demanded is now mandatory. Be happy. At last everything is done for you."

In summary, as long long as $SPX remains above support, one should remain long. If support at 4370 is taken out, that would change things greatly. For now, enjoy the ride.

In summary, everything appears fine, $SP made a new closing all-time high twice this week, but it has not made a new intra-day all-time high since July 29th, so its actually traded in a very tight trading range between 4370 - 4430. A break out of this range in ether direction should give us some momentum.

TLT

As rates go higher there is more pressure on the FED to taper sooner than later. Something to watch here is whether TLT stays down this time or dip buyers come back still calling the taper a bluff.

ZVIA - a different view

 

"In your recipe for success, don't forget commitment - and a deep belief in the inevitability of your success."