Excluding one down day, stocks have posted an extraordinary 10 day rally and are now on pace for their best 11 day stretch in history.
Trump said yesterday that the “stock market is going to boom, it’s already booming.”
The NAS100 is now testing the October 2025 record highs near 26,000. But indicators potentially suggest the market is becoming meaningfully overbought. The S&P 500 also reached a new all time high on Wednesday.
But has this historic 10-day rally been confirmed by other asset classes such as oil? Arguably, oil holding below $90 a barrel is a positive signal, especially compared with the highs above $110 seen previously. But a move below $70 may be closer to the level needed to suggest stronger confluence between equities and oil.
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