Good Wednesday morning. Have we reached the point where the markets will begin their expected year-end move higher? I think today will tell the tale. The last 4 days have featured decent to higher opens followed by immediate selling pressure, led lower by our two directional “tells”, the semis and bitcoin. Once again, futures are higher this morning, if only slightly so, and as usual we’re watching the semis/tech and bitcoin. I’d put the odds at 70/30 that the end of year rally is now underway. 

Yes, we have a lot of bulls that have joined the party, and yes, you know how uncomfortable that usually makes us. However, we also know that at some point we'll reach a stage of this bull market where bulls will outnumber the bears….by a fairly wide margin…yet the markets will just keep on rising. As we’ve been covering on our podcasts, as bull markets begin to mature, investors become more and more bullish. AKA “normal". We see that becoming the case right now.

However, as we’ve seen co...