Tuesday, March 16, 2010
The market continues its seemingly unending move upward. The FOMC interest-rate decision gave us a small burst of volatility for a few minutes, but then it was back to the same old pattern of moving straight up in lifeless fashion. The buy-and-hold mutual funds must be quite pleased today. The big winners were traditional fund holdings like GE, WMT, INTC and SBUX. There is just an amazing level of complacency in this market right now and nothing seems to bother it. The buyers just keep in coming and there is no worry, even though we haven't had any consolidation in weeks. Apparently, there are folks who are happy to buy GE up 10%, or DPS after a 20% jump. Sooner or later, we will have a decent shake-up that will give us more interesting patterns, but in the meanwhile, there isn't much we can do but continue to respect the strength of this uptrend. It is a bit tiresome when it's the same thing every day, but it isn't the market's job to make it easy.