Is it right and just that we should start our 8th week up in a row in stocks?
The futures market remains the tail that wags this dog. Last friday s&p futures (ES) were able to rally 10 points off the lows just under that 1277 corral boundary, demonstrating that truth, freedom, the american way, and apple pie are still to be found among the Wall Street contingent lead by their favorite son, thebenbernank. Well, their version of those things are still to be found there.
It is apparently just as right and just that we have not seen a trend down day in stocks since late November. Yet, the stock market, by virtue of the futures carnival ride, continues to hold above 1277 and add higher highs, even without so much as one +1000 tick last friday. It is virtually impossible for the stock market to rally like this without institutional presence (or at least it used to be), but Bennie and his boys ARE the stock market now.
Steve Jobs’ hidden illness (hidden until yesterday that is) has produced a sharp decline in apple. The prices that can never go down, can indeed go down. Of course, MW rightly reminds us that the last time this was a fantastic buying opportunity………….so ttherefore it must be again?!
This is expiration week, which in the old days of normal, meant more volatility. But then, these are the days of Abynormal……….except this movie isn’t funny! We are approaching that +1300 breakout target. It is a psychological hurdle of significance. What now Ben?
Bonds are trying to sneak back up…………A close above 121 – 16 on US would be the first step up out of the mud. A close above 122 – 08 would be a moment of actually standing tall. If stocks tumble, will the old knee-jerk kick back in? Like I said before…………..What now Ben?
A market that is kidnapped and captive is neither alive nor thriving………..it is a boring, sick, gradually becoming rancid thing………..And, lest a certain repetitive, vocal segment reach quickly for the “you must be losing money” lever…………respectfully for your mantra, that is not at all what it’s about………..my financial status is fine, thanks………….this is about the health of this market, the health of our economy AND our markets, and the health of our country.
All the best today!!