Again and again we hear about a lack of fundamentals, over valuation and worst of all (to hear some tell it), the bearish divergence in the Transports as a reason that stocks are going to go down.
Sure the macro fundamentals are suspect. Sure, stocks are over valued by certain metrics. Sure the Tranny has diverged the Dow. But the market does not care and has not cared since the BREXIT sentiment reset. At some point it will care again, but right now you cannot argue with mania and endorphin release.
All the while we have kept this chart in standard rotation in NFTRH. Everything in the broad market has remained above key support and even the nominal Tranny is bullish, folks. That’s just the way it is.
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