The bears tried again, but they are incapable of digging their claws into this market. We only managed minor gains in the indices during the shortened week, but what was particularly impressive was the shallowness of the pullbacks. The dip-buyers don't even bother to wait for a dip before they buy.
Given how lopsided the action has been for so long, it is hard not to wonder when a downturn might come. We all know it will happen eventually, but trying to guess when is a good way to lose money.
The bears are becoming even more shrill as oil and gas prices continue to climb. We all know that if it continues, it will eventually affect consumer spending but, so far, the market is ignoring the issue. Maybe next week the market will decide that high oil and gas prices are a problem and we'll sell off, but all the logic in the world won't help you time it just right.
I've often said that market trends tend to continue much longer than most people think is reasonable. That definitely seems to be the case now as even the bulls are anxious for a little shakeup. We'll have one soon enough, but the lesson of this market is to forget the arguments and just stick with the trend as long as you can.
Have a great weekend. I'll see you on Monday.
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