Bull Market Shrugs Off Bad News
It was very good to see the market move higher yesterday while shorter-term bond positions got unwound. Such resiliency is what we saw in 2013. Either the Fed is playing a role in this or all the cash that has been printed for five years is still coming into play (or it’s a combination of both). It’s always an important sign for a bull market to shrug off bad news and unsuspected news and continue to march higher. This is what we are seeing today and should the market close higher in March, Russia and the Fed will non-events which means higher prices are very likely in store this spring.
Today the market is in neutral territory. Keep an eye on the financial because if they remain strong, it will be a further confirmation that higher market prices are coming.
Have a great weekend!