It was a very bullish end to the week, with five of the six (R2K was the exception) main indexes breaking new multi-month highs. Volatility was very subdued, with the VIX melting to 11.95, and settling -7.8% to 12.01.
The Rise of Disney
Today's breakout in Disney (DIS) is a massively bullish sign for the broader market.
DIS, monthly, 10yr
After almost four years of broad chop, we have a decisive breakout in what is an important Dow component. Natural target is psy'150. If correct, its difficult not to see the rest of the market at least somewhat higher into and across the summer.
They are bringing back Palpatine one final time. Episode IX is set to wrap up the 'Skywalker Saga', and it appears that after Ep'9 in Dec'2019, Disney will leave the Saga alone for 3 or 4 years. However, they'll very likely still be producing tier'2 movies every 1-2 years. An Obi-wan Kenobi standalone is probable, which the fan-base are very much demanding.
|Ascending into the weekend|
|A less wild ride than being long LYFT|
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Goodnight from London
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