Say what you will about QE2, holiday sales, economic fundamentals: This market is resilient.
Look, anyone with even half a brain knows that the massive bailouts only papered over the structural problems. We all know that no country can borrow/stimulate/ease its way to prosperity. That said, you would have to be a fool to ignore the impact of a tidal wave of Treasury and Fed monies since early 2009.
The backwards looking negativity is astounding. Today is a perfect example of the adage “Markets climb a wall of worry.”
No one believed the (long-side) capitulation 20 months ago; look at the comment streams on some recent positive posts, and the bearishness is just relentless (See this and this and this). We have yet to have a bearish capitulation to the upside to mirror the March surrender by the bulls.
I suspect markets will not top until one of two things occur: Higher prices force Mom & Pop to rush into the markets; or, The Bears throw int he towel.
Meanwhile, this is a very tough market to be short in . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.