It's to the point where you can't trust anything being reported, but stocks seldom move according to news. News is typically a contrarian indicator. Oil goes up, they report what they think the reason it. Oil rallies, they report something else.
What's interesting is the current news cycle continues to run negative airline stories, and that has to be drawing retail shorts in. I know it sounds crazy, but this looks planned to me. Could be that they're trying to help their ratings, by continuing to hype these type of stories, but the airlines get decent reviews from the people who regularly fly.
Why am I talking about the fake news cycle? Because the media is owned and controlled by Wall Street, and the deep state, and that's self evident by the number of false narratives being sold to investors, and the general public.
Here's a good trading tip; ignore the news, unless you're using them as a contrarian indicator. By the time the news breaks, Government Sachs has already priced it in, and planning to take profits, and Warren Buffet has already sold (whatever), and you're going to be the last to know...
Remember the only catalyst for buying stocks, at the bottom of the housing crash, was that negative sentiment had run it's course.
Why am I talking about all this? We saw American Airlines Group Inc. ($AAL), up 1.84% yesterday, and it's up again in pre-market this morning, and Transportation stocks lead the Dow, not tech (as some would have you believe), and if $TRAN can start leading again, the Dow can continue to break out to news highs. I may be getting a little ahead of myself, because we could see continued consolidation over the summer, but here's the revised bullish EW count on the Transports.
$TRAN
$SPX looks like it wants to break-out to new highs, but we have yet to see it. Dow is lagging the S&P. Russell has a little room to run, in what looks like a bearish consolidation pattern. After yesterday's big move, I wouldn't be surprised to see a pause.
I'm already deep into my summer ritual of re-evaluating my own work (from the previous year), and updating the charts, but I'll be watching, and Tweeting out the market action as I see it.
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