Market Outlook:
The bulls received a shot in the arm this morning from both the Chinese and the Europeans. And in the early going, it looks like stocks will advance to fresh all-time highs at the open. However, we need to keep in mind that the market has run a long way in a very short period of time and therefore we must be on the lookout for what is called an abrupt rally failure. But with performance anxiety being high and the calendar running out of pages, one could argue that the current melt-up will continue. We shall see. But for now, our market models remain positive.

Looking at the Charts... As the saying goes, the most bullish thing a market can do is make new highs. Yet on the other sideline, the bears may be huddling to try and find some way to make a defensive stop. Our furry friends do have an overbought condition on their side. But the bottom line is the bear camp has been unable to do anything with the opportunities they have had recently. This is not to say that this trend will continue, but at this stage, the technicals tell us to lean bullish.

S&P 500 - Last 3 Months

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