Meredith Whitney made some bearish comments and took some steam out of the market in the final hour, but it was still a tremendously strong day, with around four-to-one positive breadth and new annual highs in the major indices. Volume was mediocre yet again, but it just doesn't seem to matter.
The only thing that matters in this market is that the dollar is sinking like a rock and there is a flood of cash looking for a better alternative than 0% interest rates.
We are riding a wave of momentum that has nothing to do with news or fundamentals. We have had a number of negative economic stats lately, such as Michigan sentiment and the revision to September retail sales, and they just haven't mattered.
This is a market driven by folks who are scrambling to find more long exposure and bears caught in a perpetual squeeze. Of course, analysis like that from Meredith Whitney is meaningless, because this market isn't interested in those arguments right now. She may actually be 100% correct about the problems, but the market just doesn't care, because people are too busy playing catch-up.
Sometimes it pays not to think too hard. This is one of those times.....