Once again, the bears squandered a good opportunity to push this market lower. They had a very good sell-the-news setup, an extended market, high expectations, complacent sentiment and a disappointing jobs report, but all they could manage was a half day of selling. Once we started to bounce at midday, we chugged steadily higher and ended with just minor losses for the day.
Oil was the biggest positive today, even though the dollar continued to rally. Banks were the weak spot after a negative court ruling on mortgage securitization. Leadership names PCLN, GOOG and AAPL helped the bullish cause, but it was a mixed bag with some good momentum in spots but some breakdowns as well.
It was a nice comeback by the bulls and another poor performance by the bears. It shouldn't be too shocking, since the bears must be lacking confidence after the shellacking they have suffered for over five weeks now, but you would think they would do a little better when giving such a good setup.
Once again, the trend is to the upside, and having any doubts about this market proves to be a mistake.
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