The market bears have been jipped over the last month with the central bankers preventing markets from correcting with their non-stop stimulus and dovish commentary. The low CPC in March identifies a near-term top but the pullback was paltry. Remember late last week, Keystone highlighted the last low print and a big pull back was expected to begin but it was another paltry dip.
The bulls are jamming stocks higher as everyone believes the central bankers will continue supporting stocks forever. This is why the put/call shows the uber complacency in markets. There is no reason to ever worry about a selloff and if so, the central bankers will print money and stocks will end up higher. This is the sick world the Federal Reserve and other global central bankers have created. The CPC is a contrary indicator.
You know the drill and the third time is a charm. Bears should finally extract their pound of flesh. A market top should occur at anytime any day forward and a pull back of from 30 to 100 handles on the SPX is expected. ECB President Draghi speaks on Thursday morning and he may be standing ready with his money bazooka to foil the bears. A pull back is long overdue so it may be fast and swift. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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