The skeptics are being run over this morning as the market continues to anticipate worldwide quantitative easing by central banks. Yesterday's comments about impending action by European Central Bank chief Mario Draghi have been widely questioned, but that hasn't stopped the buyers.
The stronger-than-expected GDP number this morning is also being ignored as the designated Fed mouthpiece from the Wall Street Journal, Jon Hilsenrath, says the Fed is still likely to act. He discusses the inflation data and the slowness of the recovery and concludes that there is still plenty of ammunition for the Fed.
There are poor earnings from Facebook (FB) and Starbucks (SBUX) but Amazon (AMZN) is crushing the bears, who are crazy enough to think valuation matters, and the travel sector has been reinvigorated by Expedia (EXPE).
Aside from macro issues and earnings reports, it feels like the machines are operating their buy programs and happily squeezing the bears and underinvested bulls. That lopsided-type action is killing the folks trying to catch a top.
I'm not participating in this move the way I would like to, but I have a few trades going in Ellie Mae (ELLI), BioCryst Pharmaceuticals (BCRX) and Sarepta Therapeutics (SRPT). Market players are obviously trying to add long exposure as this market runs away from them, and that creates a big supply of dip-buyers.