Let me guess, no matter what this Fed white paper says, Meredith and some of those super duper smart "hedgies" who are feeding her are giving a read through that's negative. I sincerely hope they aren't - that would be professionally embarrassing. On the margin (which is all that matters), this preliminary look-see is positive.
Did people legitimately think that Heli-Ben and Timmy were going to create a test that makes more people fail than pass? Wow, I must be living in the land of common sense nod. The only stress test that I see people failing out there today is the one that's front center and marked-to-market on my screen - the short seller's appetite to hold his/her positions is much less formidable than Squeezy's!
Market prices don't lie; people do. I'm sticking with the buying range that I established earlier this week (shaded green waters in this chart). Next line of SP500 resistance is at a higher high than the prior closing one. I have the dotted red line in this chart up at 875.
From consumer confidence, to earnings reports and housing data, this week's fundamentals support today's price action.
We are not "overbought" yet...
Keith R. McCullough
Chief Executive Officer