Major indices on the verge of a breakout.....

Many so-called events were in the way of market doing its own thing.

- First it was the speech of the century by Janet Yellen @ Jackson Hole

- Then it was the minute from Fed meeting

- Then make or break jobs report

- After all that, Fed officials kept talking this market down by predicting " series of interest rate hikes "

All of the above 4 events did nothing to market momentum, it is within striking distance of a new all time highs.

There was a time when nobody from Federal Reserve spoke a word, everybody waited for Fed meetings to know, what they were thinking, now every governor has identity crisis and loves to hear themselves 24/7.......

Here is the summary of where major indices are from all time high :

Dow .95% 

S&P 500 .63%

Nasdaq .49%

RSI are as follows :

Dow 52.85

S&P 500 55.25

Nasdaq 62.47

As you can see from the first summary, that we are less than 1% from hitting series of all time highs. RSI also in a buy range......

September has been dubbed as a tough month for market, history is never a good or reliable indicator in a strong bull market.

Many traders & investors have been on the sidelines for a full blown correction, 3rd week of June saw a pullback, since then series of all time highs.

Last 8 weeks, we are in a base building mode, which is a long time to get ready for a major jump.

Most of the world economies are chugging along @ their own rhythm, which is not too fast & not too slow, this is an ideal set up for a strong stock market worldwide.

Lately, we are not hearing of any "do or die situation of any economy "

Any jittery behavior by market is a buying opportunity.

Nasdaq stocks are in a very good position to make new all time highs, even DRAM / NAND stocks are catching huge bid.

It is a good time to be in the stock market, pretty soon we will be entering Q4 in exactly 26 days, that is the best time to be in the market until January or sometimes March.

All in all, stocks are the best place to be.

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem