Just because we are closing in on spring training and it's cold here ....
An ode to baseball.
Although the North American exchanges were closed today, trading restraints did not apply to the overnight futures market ... and bears couldn't have liked what they saw. Another bullish move on the S&P 500 futures overtook an important target at 1362.75.
Short sellers continue to walk up to the plate with all the cocky, arrogant swagger of a latter-day Mighty Casey.
"The markets can't continue to go up!" say the bears.
"The government statistics are a lie!"
"A crash is inevitable!"
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| Bears can only wish they'd struck out just once |
Bearish perseverance is one thing ... the blatant refusal to acknowledge a chart (or charts) is something else entirely.
The 1430 area came into play on the ES today. This isn't likely to be a home run ... if we get there at all, it will probably come about by hitting singles, nickling and diming the short sellers to a slow and painful death.
S&P 500 Futures
We're dealing with a lot of ...
The dollar, as always, looms over the market, but this is a matter of perspective. Given the state of every other country and their currencies the world over, there is really not much point in being a dollar bear. Investors should consider the US and the US dollar as a safe haven but it extends well beyond that ... there are no hard and fast rules that say the dollar and the markets cannot work together. They have struck a harmonious chord in the past and they could very well do so again in the future.
The Euro has re-captured some of its lost ground.
There's no crying in baseball ... nor the stock market.
Don't discount the gold/oil ratio or what happens to the markets when the ratio gets over-extended. Ignoring this chart could cost you a lot of money!
As Susan Sarandon said in Bull Durham ...
Hit 'em where they ain't!
