I may have a sizable cash position in my TSP account while this market is rising, but at least I'm not silly enough to short a rising market. But that's largely what drove today's outsized gains today as the bears got squeezed into the close.
There wasn't all that much bullish news either, unless one thinks the International Monetary Fund increasing its lending capacity between $600 Billion and $1 trillion is somehow bullish. Or maybe news of the World Bank lowering its global growth forecast was a positive? They dropped their 2012 growth forecast from 3.6% to 2.5% and the forecast for 2013 from 3.6% to 3.1%.
But then, that's probably some of the reasons why the bears were shorting this market. If you're long right now, you can thank them.
Domestic data was largely ignored today. December producer prices dipped 0.1%, but core prices rose by 0.3%. Industrial production in December was up by 0.4%, which was just under estimates calling for a 0.5% increase.
Here's tonight's charts:
NAMO and NYMO both flipped back to buys.
Interestingly, NAHL and NYHL dipped today (but remain on buys), and that makes today's action suspect. But I won't argue with the obvious trend, which continues to be up.
TRIN and TRINQ are now on the same page again. Two more buys.
BPCOMPQ looks like it may be beginning another up leg as the signal is getting even move vertical. But it's also lifting away from that upper bollinger band and I can only wonder how long it can do that.
So all signals are on buys again, which keeps the system in an intermediate term buy condition.
As January goes, so goes the year (stock prices). Is that what they're trying to sell us? Call me cynical if you'd like, but I don't think I'll be subscribing to that old adage this year. But I can't deny the charts (I really haven't been for the most part). They're bullish.
There wasn't all that much bullish news either, unless one thinks the International Monetary Fund increasing its lending capacity between $600 Billion and $1 trillion is somehow bullish. Or maybe news of the World Bank lowering its global growth forecast was a positive? They dropped their 2012 growth forecast from 3.6% to 2.5% and the forecast for 2013 from 3.6% to 3.1%.
But then, that's probably some of the reasons why the bears were shorting this market. If you're long right now, you can thank them.
Domestic data was largely ignored today. December producer prices dipped 0.1%, but core prices rose by 0.3%. Industrial production in December was up by 0.4%, which was just under estimates calling for a 0.5% increase.
Here's tonight's charts:
NAMO and NYMO both flipped back to buys.
Interestingly, NAHL and NYHL dipped today (but remain on buys), and that makes today's action suspect. But I won't argue with the obvious trend, which continues to be up.
TRIN and TRINQ are now on the same page again. Two more buys.
BPCOMPQ looks like it may be beginning another up leg as the signal is getting even move vertical. But it's also lifting away from that upper bollinger band and I can only wonder how long it can do that.
So all signals are on buys again, which keeps the system in an intermediate term buy condition.
As January goes, so goes the year (stock prices). Is that what they're trying to sell us? Call me cynical if you'd like, but I don't think I'll be subscribing to that old adage this year. But I can't deny the charts (I really haven't been for the most part). They're bullish.
