First off, while I'm thinking about it, plans are slowly coming together for Slopefest in Las Vegas. I won't go into all the details now, but it's shaping up to be held on the night of Sunday, May 9th. If you haven't expressed your interest yet, you can do so here.
As for the quarter which (thank God) just ended – – on the one hand, the bulls seem utterly, totally, and absolutely in control. Look at this monthly graph of the Russell 2000:
For the past thirteen months, only two of them yielded a black candle, and March's candle was hugely up.
The daily chart, on the other hand, suggests a tired market. But the synonyms that have been used to describe the equity markets for so many months, such as tired, overbought, overextended, exhausted, or God-knows-what-else haven't done the bears any good. Tired or not, it keeps going higher.
Today was weird enough, but tomorrow should be an extra-spicy version of weird since (a) it's the first day of a new quarter (b) it's the last day of the shortened trading week (c) the hugely-important jobs report is coming out on Friday, a market holiday.
