I said about a week ago the market direction would be resolved. I would not exactly call this a break out just yet. Come on bulls! The bears have been put on ice. Only 14% of us left and now your short squeeze fuel is gone. What will carry the market higher? Fundamentals? Unless the economy is about to achieve lift off and all that nasty deflation we were worried about two weeks ago has magically disappeared I guess the only thesis left is: The Fed Has Your Back. So essentially if you are a bull and don’t take profits here you are expecting multiple expansion on what looks like overall numbers coming down. I wish you luck. Perhaps you will be right.
I expect a pull back soon. If we get confirmation I will be shooting energy and financial stocks in the back.If you enjoy the content at iBankCoin, please follow us on Twitter