Doom and Gloom

The end is nigh. It's 1987 all over again. Head for the hills. We've never been more certain of a crash until right now... except for all those other times we were certain it was going to happen. There's certainly a lot of bear porn circulating across the internet right now. The doom and gloom is plenty, and if it is to be believed, bears will be fat and happy very soon.

Don't get me wrong, I have a number of reasons to believe the bear thesis. The buying opportunities should there be a crash would be ridiculous and if you have the capital to deploy it would be an opportunity to generate some real wealth in the long-term. However, I just don't buy it--for now. Sure, the market definitely feels "heavy" and the bid appears to be hanging on by a thread. But for all of those screaming into the void "history doesn't repeat but it rhymes!!" they'd be remiss if they didn't look at recent history.

This year, every time the doom and gloom has increased, buyers came rushing in just when it looked like all hope was lost. Banking crisis? Time to buy. Debt ceiling crisis? Time to buy. Rates going up? Keep buying. They just keep buying when it gets ugly, and I just don't see why they'd stop now. While I'll certainly be interested in playing continued downside moves, I'm not personally expecting any halt downs anytime soon.

Shit You Need to Know for This Week:

Tuesday: Consumer Confidence + New Home Sales (10am ET)

Wednesday: Core Durable Goods Orders (830am ET)

Thursday: GDP + Jobless Claims (830am ET); Pending Home Sales (10am ET); Jerome Powell Speaks (4pm ET)

Friday: PCE (830am ET); Michigan Data (10am ET)

My NQ levels for today:

Current Price 14820

Upside Targets: 14865, 14920, 14977, 15020

Downside Targets: 14740, 14680, 14630, 14600

Stretch: 15075, 14535