My pal Peter Boockvar on our unprecedented bull moment:
Yesterday I mentioned that Friday’s close in the DJIA had it the most overbought according to RSI since 1955 and 1944 before then. I got this from my friend Art Cashin yesterday who was quoting SentimenTrader from Friday saying: “Everything’s just perfect. The S&P 500 has recorded a record high every day this week, so kudos to the bulls. But wait, there’s more – it has also hit a record weekly close for 6 straight weeks, and a record monthly close for 7 months. That’s 18 consecutive record closes over daily, weekly, and monthly time frames, which has never been seen before in market history. The few time periods that came close didn’t coincide with major highs, but further upside was limited and given back at some point .”
Lastly, I pulled this from Twitter last night from Charlie Bilello at Pension Partners: “S&P 500 has not traded more than 3% below an all-time high for 242 consecutive trading days, longest run in history.” Truly unprecedented times in so many ways and this set up comes before the global central bank liquidity flow in 2018 turns into a drip.
Peter Boockvar Managing Director, Chief Market Analyst The Lindsey Group LLC