I wish I could just focus on technicals, but so much of market action is currently driven by headlines, tweets and jawboning it’s frankly unbearable. Friday’s 9 Fed speaker horror show and renewed China optimism headlines were case in point. However ever less incremental progress is achieved by all this nonsense and the rally has become a bloated and overbought pig. Last week’s gain barely amounted to 0.5% on $SPX and it all came via unfilled gap ups. I’m increasingly getting suspicious about the veracity of all this, but for now we have to contend with it.
