The broadening of participation all over the world continues.
Meanwhile, the pessimism is stronger than ever.
I'm noticing the most angry of people are the ones who want stocks to fall because they don't like the Trump and all his buddies.
But their anger is not the market's concern. If anything, it's just more fuel to drive stocks much higher, which would enrage them even more.
It's pretty hilarious to watch actually.
Laughing is good for you. But laughing at people who haven't bothered to count and actually see how well stocks are doing, is all the more amusing.
You know, you can dislike Trump, and still recognize how strong this bull market continues to be, and how much stronger it's getting week over week.
Here is one of the most important stock market indexes in the world. I would argue that after the S&P500, Dow and Nasdaq, this one is right there behind it, and arguably right along there with it in the same category of importance.
EFA represents developed markets outside of North America. So think a ton of European stocks, United Kingdom, Japan and Australia.
New 18-year highs this week after completing this multi-year base:
Now, when you dig down to see what's inside a lot of these indexes, you'll find a ton of exposure to the Financial sector, more than you might expect.
If the world was about to come to an end and stocks were completely falling apart, the European Bank index fund would not be breaking out to new all-time highs.
And that's exactly what's happening:
This was the greatest week ever for Developed Markets Ex-North America relative to the S&P500.
This is literally the definition of rotation.
Best week ever:
If we were about to enter into a global recession, and there are real issues in the stock market, would Germany be making new all-time highs?
Would China be breaking out of a multi-year base to new multi-year highs?
The answer is no.
All this strength means is that this bull market is getting broader, stronger and with more upside participation:
You can fight this sort of thing if you want. But historically, during bull markets it pays much better to be buying stocks, not selling them.
Go back and see for yourself.
It's crazy that with how well stocks are doing, market sentiment is down in the dumps.
Money Market funds just hit $7 Trillion. How is that even possible?
Money is flowing faster than ever into cash, just as more stocks than ever are going up in price.
Meanwhile, when you check in on individual investors in America, we're seeing some of the most pessimistic readings in stock market history. The only other times you can compare this to, is after massive declines and near the end of bear markets.
We're just a few % points away from all-time highs in the major U.S. Indexes, and more countries than ever are now participating in this bull market.
In fact, with investors getting more and more scared with each week that goes by (we have the data), you actually saw fewer stocks on the NYSE closing this week at new 52-week lows than you got the week before.
And last week's new lows readings were actually fewer than the January spike.
So literally, the market continues to improve week over week, and it's only getting stronger, yet investors are just getting more angry and more scared.
The ones who are scared about the Trump and what they're doing in Washington are leading the charge of anger and frustration.
We love that.
The more pessimistic these folks get, the stronger the next leg higher for this bull market is likely to be.
So thank you angry folks. We are forever grateful.
Just yesterday we took profits on two more long positions that just doubled.
The doubles continue to come again and again.
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