The Trend Is the Only Game in Town

 | Feb 19, 2013 | 4:28 PM EST
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There isn't much new that can be said about the action today. The action was similar to what we have seen so often lately. It was slow, but the buying was steady, and we end up with another strong finish. Breadth was better than 2 to 1 positive, and the only group that is notably weak is precious metals.

I'm not a fan of trying to time market turns by using contrary indicators, but it is hard not to worry a little when the action is this complacent and the bulls so unworried. The only real concern right now seems to be fear of being left out as we climb steadily higher every day. It is hard not to feel sorry for the bears who keep telling us that we are on the eve of destruction.

Once again I remind you that the best way to deal with this market is to stick with the trend until there is a good reason not to. Big-picture arguments are not a good reason. Wait for a real change in the price action to occur before you start betting against this market.

This market creates some mixed feelings. While it is nice to ride a trend, it would be much more interesting if we had greater volatility. I definitely would prefer a little more drama, but the market doesn't much care what anyone wants or hopes. In fact, the more we hope for change the more likely we see more of the same.

Have a good evening. I'll see you tomorrow.

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