We closed strong once again, and the indices ended up with pretty good gains, but it felt like a huge win for the bulls. Chatter about the possibility of a trade war with China had the market looking shaky to start the day, but for the dip-buyers it was just another buying opportunity. They ran them up all day long, and by the finish we had almost 2 to 1 positive breadth and a lot of very frustrated bears.
The difficulties the bears are encountering are very obvious, but it also isn't that easy for bulls who are trying to put money to work. There are folks who are willing to buy stocks that are up six, seven and eight days in a row, but many refuse to chase stocks in that manner, and they are left standing on the sidelines. If you want to ride this train, you have to be brave enough to jump on when its going 50 mph. We aren't getting entries other than the minor pullbacks like we had this morning.
I've been a bit sarcastic in the past about how this market punishes those who think too much. It is so easy to argue against this market, but the folks who are making money are those who embrace it and don't let go. There isn't anything complicated about it, but it sure isn't very easy to do.
The trend is still up, the bulls remain firmly in control, and all the insightful, compelling and profound bearish arguments remain irrelevant....