Tuesday, November 22, 2016

Monkey in the Wrench

Hans Gruber: Who are you then?
John McClane: Just the fly in the ointment, Hans. The monkey in the wrench. The pain in the ass.
--Die Hard

All three major equity indexes closed yesterday at all time highs. The wind is at the backs of the bulls for a year end surge.

One fly in the ointment is the Trannies which have yet to confirm the new highs in the Industrials.

While new highs for the group are a day or two's worth of rally away, the nonconfirmation constitutes one cause for pause--however small.

position in SPX

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