Yes everything is roses in the land of perfect, were everyday is an up day and markets care not about anything except going higher....up up and away.....said the cashier at Krogers, she gave me a stick tip today.
Falling earning and a rising market SP500 PE today 24.20 the only other time it was higher was 1895 and the year 2000 currently at he upper end right now, mean is 15.59. But who cares the federal reserve runs the markets and they clearly are not ready to let it drop.
Pretty fair to assume that all of the CB's panicked in February (the calls made to BOE and ECB are the smoking gun)...The facade was crumbling and there were some serious bidless sessions (see IWM in Jan-Feb)...So a bidless market turns into a relentless rally with minimal pullbacks...21% in Russell at this point... The bottomline is still the same: You will always get bailed out as a long...literally always. If you short in the hole, you're dead...If you short and miss your window to cover (of minutes to hours, you're dead)...
You made this exact same post in early November...Remember how many were waiting to short when it broke 2135...It never happened and we plunged 310 S&P points lower...Bonds on a tear, Gold screaming higher, crude oil dropped to lows we hadn't seen in over a decade...Those aren't bull market items...Central Banks relentlessly jawboning asset markets to higher and higher levels on deteriorating fundamentals can create new highs, but that's not to say it's a bull market... Really, this is just an argument based on terminology that I don't really get caught up with...Just because the Russell is 20% higher doesn't mean I'm shorting it...and if the S&P springs to life and hits that 2350-2450 area I'm hearing alot about lately, it will be called a return of the bull market, but this isn't a bull market like we saw in the 1990's, this would be Dr Frankenstein's creation.
So IBM down nearly 5% which is one of the heaviest weighed Dow 30 components yet futures are up this morning.....yep... Back to the risk free zero volatility markets....I think I'm lucky if I make 1 trade these next few weeks...