Here we are at ES 2030 — reaching above 2036 during the day. A lot of people scratching their heads thinking how in the world are we at new all time highs? Didn’t Brexit just happen? Isn’t the world supposed to end?
Well as I suggested the weekend of Brexit two weeks ago, the market may feel the Fed will do what it takes to save the world — expectation of a rate hike will diminish and central banks will continue propping up markets against everyone’s disbelief — even with Brexit.
And here we are today at new highs. The slow grind higher will continue to surprise everyone. Now that volatility has been crushed and will likely continue to be crushed. I think what will happen in the coming months is similar to what happened in 2014 – a slow-ass grind up that won’t have any quick moves up. There may be some quick moves down — but they would be slowly bought. So making money weekly calls would not be as easy as before as there wouldn’t be as many quick moves up.
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