In spite of all the reasons – – analogs, statistics, stochastics – – that were emailed to me about why the market would absolutely, positively, no-doubt-about-it fall this week………it isn't happening. Indeed, the bulls have pretty much owned every single one of the eleven trading days so far this year.
The bearish case is getting weaker by the day, and the bulls were able to create breakouts across the board today…..
+ without any announcement from the Fed
+ without any big news from Europe
+ without any "stimulus" goose of any kind.
Just plain, old-fashioned, earnings-driven buying.
I, for one, have the vast majority of my portfolio in cash. I will say again, however, that the bearish case took some serious blows today, as the charts below attest:
Unless something really core changes – – like a shock from the Fed next week, or a string of earnings surprises (fat chance………) I'm losing hope that the bears are going to get anything but bloodied in the foreseeable future.