And now we return to our regularly scheduled programming. It is hard to believe we were even hit with a late-day selloff yesterday, given how fast this market has recovered.
Once again, the dip buyers wasted no time at all in taking advantage of the opportunity. We looked a little shaky in the early going, but once we started to inch back up, we didn't' stop. One of the most amazing things about this market is how quick and unrelenting the bounces have been. If you don't jump in as soon as we start to recover, you aren't given another chance, and that is why the dip buyers are so aggressive when we do have these fairly minor pullbacks.
The most dangerous thing you can do in this market is anticipate a change in trend. Just when it looks like the bears may be gaining a slight edge, we roar right back up, drive the underinvested bulls crazy and squeeze the shorts. If you have just stayed 100% long for months, you have been wrong about this market.
We have some earnings reports hitting and that is stirring up the bulls even more. AMZN posted good numbers and is now looking much like AAPL did after its report last week, except that AMZN has a lot more shorts in it. There looks to be plenty of good news -- and don't forget we have MSFT in the morning. The bears will once again have an opportunity to try to make some headway with a 'sell-the-news' reaction, but they definitely have their work cut out for them. My advice is, don't fight this uptrend.....