We got strong rallies in the S&P 500 and NASDAQ today; a little less power on the Dow and Russell 2000, but they came along for the ride.
Seeing as this is the last trading day of the Biden administration, I’m seeing some talking heads out there calling this the “Trump Rally 2.0.”
Thing is… that’s not the right call. I love a rally as much as the next guy - stocks went ballistic during Trump’s first term… but this is not “it.” That’s not just a hunch.
The charts from the bond market and the dollar do not confirm the rally. I’ll show you what I mean in a second. Of course I’ll also show you where the real action is…