We had some momentary weakness on news that AAPL's product conference wasn't all that exciting, but that only lasted for an hour or so before the buyers jumped in again during the final hour. It was another feast for the bulls who run roughshod over any bear who dares to challenge this uptrend. Breadth was very good at better than 2 to 1 even with metals and oil rolling over intraday.
What is particularly notable about the market action is how we have gone up in a straight line for four days in a row to challenge the highs after some pretty poor technical action. Such renewed vigor is not what the charts would tend to predict, but the zeal to be in this market is unabated.
Other than Jim Cramer, I don't see anyone who seems to like this market very much, which is part of the reason it keeps going. A lot of folks have taken the view that we are riding a flood of liquidity and since interest rates are practically zero the money is just going to keep flowing and drive this market.
It can be a real struggle to reconcile bearish fundamental opinions with this market that barely rests and the folks who are doing best are those who just don't over-think. The market is acting well and that is all that matters at the moment. If you can't embrace that fact, you are going to struggle.
We are back at some technical resistance at the highs for the year and that may mean we see some consolidation, but the bulls are still not showing any signs that they are ready to do any substantial selling....
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