And people complain bitterly about Ben Bernanke. You might remember the Governor of Texas called him a traitor. Some of you might better come to understand why I’ve been supportive of his QE policies all these years. It might have its own implications down the road, but it has been a lot better than the alternative.
What can we expect for this week? I’m looking as far as Tuesday because Thursday is a new year.
The recent intraday action has the Nasdaq at A and 161A where the action backed off. We could see more backing and filling to end the year and perhaps one more surge to another new high. Overall, I think the Nasdaq 4289 is the new magnet. But conditions have been so euphoric that at some point in the not too distant future we are going to get the reaction. Do you think markets go straight up? They’ve done a great job of lulling everyone to complacency and to be asleep at the wheel. That’s why I’m here, to make sure those of you at the computer this week remain awake.
Next year is a new chapter, and anything can happen once the posse gets back to work. Although I doubt it. There is the possibility that the opening tick could be the high for the entire month.