The whole idea and effort to predict emergent characteristics from a complex system -- prices! -- is hard and sketchy enough. I think it's fooling everyone atm, but it is actually struggling to stay afloat.
I think the tape is hiding the very real dangers from us, we're so complacent now, no one has any idea just how close we are to a market event. Does Pelosi break off stimulus negotiations with the Administration? Will that be our spark, or a surprise piece of macro data? There is massive EOQ rotation ahead -- forced selling, lads.
You can see on the daily that we are kissing-back the old rally channel. Well ... good-bye to you.