The major indices all suffered a losing week, but it sure felt like we had another V-ish shaped bounce kicking in today. I thought there might be a little nervousness about holding over the weekend, given the chaos in Libya, but I was obviously wrong. Market players seem to be back to the state of bliss that delivered such steady upside for so long.
Market players are just too well conditioned to buy weakness, even when there are some legitimate concerns out there. If you have hesitated to jump in on pullbacks, you have ended up having to chase, and I'm sure that is on the minds of many as they watch the action today.
Another good reason for the market not to sell off late is that we have had so many strong opens on Monday mornings, and then Tuesday is the first day of a new month, and that has a stellar record as well. With price patterns like that, why worry about minor things like a revolution in a major oil-producing nation?
The good news is that, since so many seemed to want a good shakeup, we got one this week.