You Gotta Be the Outlaw Sometimes

Consider how deeply uncool, unpopular, mocked, hated-on, and overall vilified one would have to be to look for tops now. Bulls have argued that this is a new, one-way uptrend in an era of possible hyperinflation but a nonstop bull run nonetheless--I still reject any notion of imminent hyperinflation for the world's reserve currency (The Dollar!). 

But when the tapes goes only up daily the above bull arguments of course begin to take on a life of their own. 

About once a decade, sometime more, sometimes less, I believe it is correct to be the outlaw, the renegade. Being very wrong before being proven very right, if you will. 

To follow up on our analysis of the airlines yesterday, and how they pertained to the "animal spirits" of the U.S resilient economy, we have the JETS ETF weekly chart (below) putting in a pretty obvious reversal candlestick at prior resistance trend. This is also happening at the declining 200-period weekly moving average. 

But then consider how deeply unpopular it would be to even observe this, what with 0DTE players piling into NVDA like it is a penny stock. 

The Delta Airlines (DAL) reversal to red off earnings yesterday is gaining traction below today, as with other airlines. And now even the big banks like JPM are red. Along with the cruise lines, I think the transports have peaked for the summer, and possibly for the year.