If you weren’t too busy reading reports of upcoming recessions, you may have noticed that the MSCI World Index broke out to new all-time highs this month. The award for best ETF Ticker goes to the good folks at iShares: $URTH
After a 21-month bear market, the planet Earth is now starting a new leg higher. I continue to believe very strongly that if stocks are above last year’s highs, it is incredibly irresponsible not to be aggressively long.
This is what $URTH looks like bigger picture. We have multiple extension levels clustering together around 105-106 and that’s where I think we’re going:
You can see this even clearer in the S&P Global 100 Index. After failing about 5 times under 50, prices were finally able to absorb all of that overhead supply and start a new leg higher. The 21-month bear market is perfectly clear in this chart:
55 continues to be a good target and that’s still where I think we’re going.
As more and more countries around the world keep breaking out to new all-time highs, Canada, Sweden, Denmark, Switzerland, New Zealand, Russia, Hungary and many others that we keep adding to the list, it’s hard to put together any kind of intermediate to long-term bearish thesis. Short-term, sure we could see a little volatility. Why not. But that doesn’t change the fact that we are seeing breakouts out of massive bases all over the world.