I am always entertained by the way the US media sensationalises any sort of minor movement in the stock market. If we recall from just a month or so ago, they were going on as if it were the end of the world and we were in for a stock market crash. Why? Because sadly, that's what sells and receives views and clicks: sensationalism. Sensationalism, sex or scandal. It has basically been that way since the 1900s. When William Randolph Hearst said in 1897:
"You furnish the pictures and I'll furnish the war."
-William Randolph Hearst
He really wasn't kidding. When you own the media, you can start wars (ie, who remembers the NYTimes riling up people in favour of the Iraq War and more recently, the Wall Street Journal for libeling Elizabeth Holmes and misleading the entire American public about Theranos?)
Sadly, many American journalists who write for major publications are not exactly known for their fact-checking nor for their integrity. In many ways, the American media resembles their politics: flashy and full of mind-numbing reality-TV moments filled with pseudo-drama and meaningless monologues about what should be.
Aside from that however, one of the many great things about the US is the stock market.
In the last couple of weeks, the SPY has formed a very strong uptrend indicator. We are a couple of weeks away from the end of consolidation, so I extrapolate that there might be another minor pullback for a couple of weeks before we solidly continue our upward dalliance.
By Sierra Choi
(Disclaimer: This post is not intended as any stock market advice and is for educational purposes only)