The major indices didn't make much progress this week but they sure held up extremely well. What is even more impressive is how well many individual stocks have been acting. There are more than 500 names on the list of new 12-month highs, and a number of leading stocks, like LinkedIn (LNKD), Apple (AAPL) and Google (GOOG), are performing well.
What is particularly interesting is how the market keeps roaring back after weak action. Just when you might think we are seeing toppy action and the bears start to press, the market finds its footing and has another day like today.
The easy thing to do in a market like this is to keep predicting that the end is near. It has run up quite a bit and there are obvious fundamental negatives, thus, the market is going to roll over. What could be more logical than that?
The hard thing to do is to stick with this action and stay long. The Wall Street pundits make it sound like only fools and idiots would think this market could keep running, but the masses, who don't try to be too clever, are making money.
Even if you are bullish, it isn't that easy to make progress, but I can guarantee that you are doing better than those who stay focused on calling tops.
I hope you had a good week. Have a great weekend. I'll see you on Monday.