By the looks of this pic,the bears will be waiting awhile yet to load up like last winters feast. The Dow,Naz, and TSX are looking strong with the past weeks rally and TA indicators show we have some room to run still but we are hitting a resistance line on the SPY at 110. Who wins out should be known by weeks end but I am betting on a continuance higher regardless of the low growth signals being given out by the economists.
The market and economists are two different beasts, and with the US dollar on the ropes I don't see much to make it move higher therefore the market bulls feed off this, especially after the IMF's announcement that the US dollar is overvalued. Can you say long term carry trade and higher gold and silver prices ?
At the same time the easy money has been made and it's become a stock pickers market,so buy them low when no one knows is my motto.
The markets are taking a breather this morning but that is to be expected with the huge gains of late. If we range trade here down a hundred points or two I would not be too worried.
Sorry for the lag in posts the past few days, the flu bug has bit me bigtime but like Ali in his prime, I am bouncing back off the ropes and slowly on the mend. And no, I do not have any sudden urge to roll around in a pile of mud.... I'm oink free. : )
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