Markets are climbing the wall of worry

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Israel is fighting a 4-front war, war is raging in Ukraine, China is threatening to take Taiwan, and half the economists are calling for a recession. The news is very negative, yet markets are basically at all-time highs. We won’t see a meaningful top until there is capitulation, an upthrust, a buying climax and distribution. We have to see extreme bullish sentiment and good news for a top to be in place. Major tops require months of distribution and massive price exhaustion upwards on good news. There is very little floating supply in weak hands when the market refuses to go down on bad news. I see QQQ going to 1000 by the end of 2027. Markets look more bullish than ever.

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