Friends
It must be Tuesday, the stock market was up. Yes, I know I’ve been harping on it for weeks now, but it seems like stocks have been higher every Tuesday since I was 12 years old (and that’s a long time ago). I tried to give some reasoning for the market advancing every Tuesday during this bull run. Remember, the doubters look for a major pullback to begin every Monday, and by Tuesday morning they realize that this isn’t the week and panic buy (cover their shorts). I guess a trend is a trend until it isn’t. And for the bears who keep pointing out that all this has been done on very little volume, well how’s that argument been working out for you?
Anyway, for the day the Dow Jones Industrial Average was up 123 points to close at 15,215. The S&P 500 was up 16 points to finish the day at 1650. Gold was down $10 to trade at $1424 per ounce, while oil was down $.93 to trade at $94.24per barrel WTI. Suffice it to say, the bulls have the upper hand on the technical front at the moment. Resistance levels continue to be pierced, all the while support levels are ratcheted up seemingly on a daily basis.
Don’t misunderstand, I am not trying to be glib about this raging bull move. Many smart analysts are looking for 10% plus pullbacks at any moment. But what I am sensing is a very under invested public watching this market get away from them. These are the same folks who wanted nothing but safety for the past several years but now the greed factor is kicking in and they just can’t help themselves. Will they drop their inhibitions and join the party? And if and when they do will that signal the top of the move? Questions to ponder.
Have a nice evening everyone.
