What the S&P and Nasdaq longs may be ignoring is the most important factor, capturing their gains from the Artificial Finance 2011 to 2021 era. (Basically QE2 through FED COVID response).
So where can one move the money, you cannot buy Bonds as the debt overhang is going to force higher interest rates, Gold will not work because of higher interest rates, maybe commodities, but they have pretty high pricing at the moment. What most of those traders and investors, especially the pension funds, will do is ride the stock market back down as interest rates break out to the upside.
To me there is a better alternative, the DOLLAR, if you want to get higher returns going forward.
Here is the Market meltdown chart that we presented two days ago. (updated at 10:10 AM CDT with the S&P at 4399 and the Dollar at 92.99).
This is the chart of being long the Dollar and short the S&P, Nasdaq, Bonds, and Gold. The 50 day average turned up on June 25th, so we are in the building phase of this position, things will accelerate after the 200 day average is exceeded.
Updated Big Picture Assets Chart
captured at 1:00 PM CDT with SPX at 4410. The rolling money line still validates the April 16 and June 10 highs, the channel tells the story. Be in the hot area at the right time. The Meltdown chart presented earlier today has the basic response.