The FTSE 100 goes back to 6,000 (5 year highs), things are looking pretty good on Wall Street AND the bears have finally thrown in the towel.
This is shown in the chart below which takes Wall Street's short interest and divides it by the average volume for the Nasdaq 100 (using the volume on the QQQQ).
The reading from the chart is the lowest for 3 years.
So, with all this bullish news around has the market peaked? Maybe in the short term but unlikely in the long term. Buying dips has been the money strategy for the last several years and until this stops working we should bite the bullet, not think too much and go with the trend in force.
Not forgetting of course that long term trends are by their very nature are tenacious.
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