Trump's tax talk thrust stocks even higher than the S&P futures 2300 level we've been gunning for, prior to a reasonable setback thereafter that aside a mild late-day pause, hasn't occurred in any true disruptive way.
It likely won't due to the Court 'Stay,'' since the technology stocks may breathe a bit of a sigh of relief on the Decision.
By the way it's amazing how complacent some are; but also how there is a continuing 'belief' that somehow technical data alone will provide sufficient answers to what's going on, and what's coming next to the markets. In one sense they have: the market had worked off a previously overbought status, and I pointed to that as not necessarily meaning it had to decline (rarely has happened) from oversold, but rather could well build upon the gains.
Now that such behavior has occurred we can remain on-guard for a pause; but again barring exogenous 'black swan' type events; this can still advance a bit. Part of that relates to the lack of adequate portfolio positioning by lots of money managers; something I've alluded too frequently in recent weeks.
Bottom line: Sure we can blow off to the upside and reverse; and probably will in the days ahead. But the first effort to 'correct' will likely be minor and catch those shorting into it yet again. Then after a rebound it could get far nastier.
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