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Good evening folk's.
Stocks have made another new high today,
This has triggered the alternate wave count I have spoken about.
And this new high does not change one thing for me!
My outlook is hard bearish at the moment,
and I think the wave count,
along with bullish sentiment in the market,
are both pointing the same way.
On a side note;
I have never received as many emails form people
pointing out how wrong I am about my market outlook,
as I have received in the last week on the subject of the stock market.
Even the fine folk who contact me are so bullish that they feel compelled to point out the error of my ways.
Thats ok, I have a thick skin!
Is this the news of a bottom, or a top in the market?
https://www.marketwatch.com/story/tesla-stock-surges-as-shareholders-show-renewed-confidence-in-ceo-elon-musk-2018-06-06
https://www.marketwatch.com/story/jobs-report-is-phenomenal-analysts-say-2018-06-01
https://nypost.com/2018/06/01/holy-grail-of-ferraris-sells-for-record-70m/
A company that is already hyper-valued and has never been profitable,
jumps 10% in a day on the news that it "might" make an accounting profit later in the year?
A phenomenal jobs report that comes at the end of an economic and credit cycle.
Blow out auction sales in luxury goods.
Record unemployment rates, hiding the true employment situation!
And the market is valued perfectly reasonably of course.
In my opinion,
The market is simply cycling through a series of corrective waves higher before turning down into its new trend.
The future will be revealed in good time,
But for now,
The risks are too damn big to be bullish into a valuation extreme.
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UPCOMING RISK EVENTS:
USD: Unemployment Claims.
EUR: N/A.
GBP: Halifax HPI m/m.
JPY: N/A.
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