The bullish argument is getting increasingly difficult as conflicting data rolls in.
JUL Total Consumer Credit just came in at a $21.5B loss - while - JUL Retail Sales came in $4.5B higher.
JUL CapU & iProd fell off a cliff as actual employment rose by 229,000 jobs.
Gooooood Gravy!
Actual employment dropped from JUL to AUG by 981,000.
(NFP & unemployment are such magician misdirections from what's really happening).
Does actual employment lead CapU & iProd?
I dunno?
I'm also dying to see if AUG Retail Sales and Durable Goods Orders + Non-DGO also drop with employment or if they remain high simply adding to Q3 revenues & earnings.
However, for the very short term I see a what-have-you EWT pattern bull run to SPX >1100 (Note the AUG 4 date!) to complete wave 5 of C.
Then all hell can break loose.
I have a hard time with the perpetual "The markets gonna fall simply because it's up" argument.
Dumb reason or not, there's gotta be a reason, a catalyst, to kick this bull in the balls, and... it just hasn't gotten here, yet.
I'm just waiting.
Using these Treasury auction bid-to-cover ratios as financial sonar "pings" to see how much money is out there on the sidelines + the unspent stimulus money I can conjure a truly ice cold, bear nightmare: What if what we all think is going to be EWT ABC5 of 2 @ SPX circa 1100 is actually... only A of 2!
