Well, the past couple of weeks all by themselves have played havoc with bulls and bears alike. Big drops and big recoveries have taken place back to back, and as I am typing this on Thursday evening, the ‘on again/off again’ Korea Peace Lovefest is back “on.” Over a span of two weeks, the market has been absolutely trapped inside a relatively tiny 35 point range.
In all this crazy madness, the bulls have never dropped the ball. Indeed, as we approach the end of the fifth month of this year, it seems quite clear the bulls remain absolutely and fully in control. Observe the Dow Composite and how the moving averages have been silky smooth without a single crossover. (more…)