Wow did we get a gap higher this morning!
The action has triggered the alternate count, but nothing has changed in my mind.
Most people will mistake a second wave high as the beginning of the next leg up and the continuation of the forever bull market.
And as always,
it is the job of the market to make most people wrong!
The economy has already turned lower and the latest credit data is backing this up.
I am preparing charts for tomorrow on that data,
And these charts will show exactly what people are doing,
rather than what they are saying.
And the knock -on effects for the real economy are catastrophic.
lets get on with the show.