New All Time Market Highs. These headlines are designed to spurt animal instincts, but I suppose, it's also supposed to scare the EW counters, because new highs rule out wave 2 in a bear market.
Look, new highs mean nothing to me, as I stated in a recent blog.
"The market has only traded back to the same Trump/ Biden era bubble levels, we saw 6 months ago, and the market remains in dire need of a real correction."
All you have to do is go back and look at where chasing the new all time highs in 2021 got you, or even the provide highs, which were no doubt orchestrated.
New York Stock Exchange - seen retesting the new all time highs again
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We've already seen several new all time highs, on several indices including the $QQQ, yet it seems like the talking heads weren't satisfied until we closed out the first half of the year, with a new high on the S&P 500, and the NASDAQ.
What's funny is after yesterday's close Bloomberg drew more attention to the historic sell-off in the $USD, and the rally in EM (Emerging Markets).... almost as if they are rooting against the $USA, and I have no doubt that they would like for nothing more than for the USA to go bankrupt under Trump.
Bloomberg spends the evening pumping Emerging Markets $EEM, while trash-talking the $USD #DXY #FX pic.twitter.com/iRDKtUKr9u
— Veteran Market Timer (@3Xtraders) June 30, 2025
I feel like these are some of the dumbest people on the planet, encouraging investors to abandon the US, for foreign markets, and I'm prepared to bet against their false narrative.
Short squeeze $USD - The $USD short is a crowded trade. The bear's stop hunt on the $USD is the 100 level. I don't believe we'll see that stop hunt triggered, for at least a couple more months, but in the meantime I think we could see a breakout above the 97 level.
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I have no idea what the catalyst for a breakout above the 100 level is going to be, but it's probably going to look like another SHTF moment. Could be a trade war with Japan, since the last carry trade unwind drove the $VIX to the 60 level.
Take Care and have a great 4th of July holiday,
AA
