Record-High Wednesday, Again

Up and up we go.

The S&P 500 is up 12% since the end of June and that's nothing compared to the Nasdaq but the Nasdaq is just silly now and so are the other indexes.  Sure money is pouring into the economy and the Dollar is collapsing but will making the rich SO MUCH RICHER really stop the virus that is ravaging our economy?  Of course not.  

In last week's Live Trading Webinar, we shorted the Dow Futures (/YM) at 28,000 (avg) and we're still in that trade a week later as the Dow hasn't done much in the past week – and Apple (AAPL) is in the Dow!  We could be consolidating for a move up or a move down but, as noted in our earnings anlaysis of the Dow components on July 23rd, there's no justification for a move higher – not from an actual earnings perspective anyway.