CPCE Put/Call Ratio Daily Chart; Significant Stock Market Top At Hand; SPX Prints New All-Time Record High at 3860

The historic uber low put/calls continue signaling a significant stock market top at hand. The tension builds as the bulls maintain elevated stock prices on non-stop fiscal stimulus (Congress), monetary stimulus (Federal Reserve) and vaccine (Pfizer/BioNTech, Moderna and perhaps J&J) happy hype news. The SPX peaked at 3827 on 1/8/21. The bears should be happy for the up day yesterday since it filled the gap. If the bears button things up on the way down there will be less reason for price to come back up again (reference SPX daily chart).

The CPCE is at the uber low 0.37 signaling off the charts complacency, fearlessness and bullish euphoria and a significant stock market top at the doorstep. Traders swig down Fed wine and buy any stock with a heartbeat. Janet Yellen, Queen of the Doves, is the new Treasury Secretary and she told everyone that she will spend money like a drunken sailor. Moral hazard is at play after 12 years of non-stop central banker intervention. Ahoy, mate. 

The bulls keep lining up day after day. GS tells clients and all investors to buy all the dips going forward! That's funny. Baird says buy the banks and broad market. Permabull Binky Chadra says stocks will continue higher. Tallbacken's Purves says the VIX will drop below 20 so stocks will move higher. Luthold's Paulsen opines about stocks but then proclaims a SPX 4100 target and tells everyone, "I would stay bullish this year." They can't help themselves. The bulls are bullish. The bears are bullish. The taxi cab driver is bullish The shoe-shine boy is bullish. Everyone is bullish. Irving Fisher would proclaim that we are at a permanently-high plateau.

Get out if long. Short the rallies going forward. It's TNT, it's dynamite, as AC/DC will sing. She's ready to blow on this palindrome day; 12021. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added 10:20 AM EST: Wheee! Whoopie! Wheee! The bulls are unstoppable with the SPX printing a new all-time high at 3840.81. Aunt Agnes, a frugal dame that refuses to tip the pizza delivery boy, can no longer sit idle. She took her entire life savings to the broker in town, Chad Chisler, his office is between the laundromat and doctor's office occupied by Dr Bendover. Agnes bot AAPL, AMZN and TSLA stock. She is bragging to the ladies at the bingo parlor that she will be on easy street in a couple months.

Note Added 10:20 AM EST: Wheee! Whoopie! Wheee! The SPX prints a new all-time high at 3842.95. Uncle Paul, that works at the shoe store in town, refuses to sit by and watch stocks go up day after day. He pulled all his money from the savings and loan and deposited it in NFLX stock, he saw that it is up +13% today, so he also bot GOOGL and AAPL. Paul told his neighbor that he expects to double his money in a year. Woo-hoo. Wheeeee! The S&P 500 keeps squeezing out new record highs. The Yellen Rally continues. Three cheers for Treasury Secretary Yellen! Hip, hip, hooray! Donnie Johnnie Trump is gone. He said it was his party and he can cry if he wants to. Sleepy Joe Biden was taking it easy at the Shady Rest and rode the Cannonball to Washington, DC. Uncle Joe is movin' kind of slow. The POTUS baton passes from one silver-haired white guy to another silver-haired white guy.

Note Added 12:14 PM EST: Wheee! Whoopie! Wheee! The SPX prints a new all-time high at 3845.16. Now you see why Yellen is the Queen of the Doves. Joe Biden is officially the 46th POTUS. We don't have Donnie to kick around anymore. Cousin Larry, that runs the car wash at the edge of town, refused to stand idly by while he saw others making money hand over fist. He has delayed paying rent for two months to save a lot of money. He took that dough with a couple paychecks and bot DIS stock because someone on television said it was a no-brainer. He wanted to diversify so he also bot NFLX with half the money. At the car wash, his chest is puffed-out bragging to everyone that he is 'playing the market' and will be into some big money in a month or so but at the same time hiding behind the trash can when he sees the landlord drive by. It's the silly season. It would be comical if the stock market topped-out here and now, as Sleepy Joe takes office, which is definitely on the table, and retreated the rest of the year. Joey, baby, don't get crazy.

Note Added 12:39 PM EST: Wheee! Whoopie! Wheee! The SPX prints a new all-time high at 3847.36. The market wants to rest but Yellen is beating it with a rubber hose telling it to get up and keep going higher. The elite privileged class demands higher stock prices in this New Gilded Age! Get up! Go! The Biden Bump continues. Emily, the pretty administrative assistant working at the engineering office, told the boss she may be a few minutes late coming back from lunch. Her handbag is stuffed with her life savings, and she is heading to the broker in town, Johnny Cash, that always wears black. She bot AAPL with all the money and said she is all in with the best company. She is becoming persnickety at work these days and telling several coworkers that she will be into some big money soon and will blow this popsicle stand.

Note Added 2:50 PM EST: Wheee! Whoopie! Wheee! The SPX prints a new all-time high at 3856.25. The Yellen Rally yields to the Biden Orgy. Harriet, the neighbor four doors down, almost knocked the post man, Mister McFeelme, over on the sidewalk. Harriet is out of breath trying to get to the bank before they close. She bot AAPL stock two months ago and realizes how easy and effortless it is to make money so she is cashing in two insurance policies and withdrawing her entire life savings and going long with the quintuple 5X tech ETF QQQQQ. She plans on moving to Florida in a couple months on all her stock winnings. Sleepy Joe Biden has a lot of energy. He is going strong all day walking up and down steps and so forth. He is probably doing shots of black coffee all day to keep going. It's Hell to get old. When young, you can eat late and stay out partying and having fun. When you get old, you eat dinner at 3 PM and go to bed at 4 PM. If you bring up the SPX 2-hour chart, price jumps vertical and the indicators are following it up. The charts have to absorb the momentum; it should not take long. Watch for the neggie d again on the 2-hour. The ECB is on tap Thursday morning so the bulls have their chests puffed-out now enjoying the Biden Orgy and trying to keep stocks elevated into President Lagarde's press conference where she may provide more easy money, which makes the world go round. Another top would be expected, say, tomorrow, you have to watch it form on the 2-hour. The odd times continue since utilities are weak and want to see weaker stocks but Yellen and Biden tag-team the ball and lob kick it to Christine, who uses her Olympian body to catch the easy money ball and begin the final countdown to the morning. VIX is a 21-handle pumping stocks higher. Bears need VIX above 24.77, otherwise, they got buptkis.

Note Added Thursday Morning, 1/21/21, at 6:40 AM eST: Wheee! Whoopie! Wheee! The SPX prints a new all-time high at 3859.75 and new all-time record closing high at 3851.85. The Yellen Rally and Biden Orgy create market glory. Betsy always loved animals from the time she had a pet hamster that unfortunately met its demise in a toilet incident. She opened a rescue facility for cats and dogs at the edge of town. Betsy took the entire funds on reserve, despite bills that need paid, and the petty cash, and bot AAPL stock. She figured if she just left the money in there for a month she would be in way better shape to help more animals. After all, stocks never go down, they always go up, so it is a really safe investment. Scruffy barks it sounds like he said no. Mister Whiskers meows it sounds like he said don't do it.