This is what I mean by a market that refuses to go lower.
Yesterday we were off 1% midday, but then recovered half of those loses. Today we were down almost three quarters of a percent, and by the bell, the Dow was positive, the SPX was flat, and the Nazz was down less than a 1/4%.
Last week, for all the sturm und drang, was a mere down 0.50%. That’s right, the seemingly worst week of the year (March 19th) was down less than a 1%.
I would prefer to see some backing and filling, some digestion of recent gains. A little selloff, less complacency would be healthy, before the next leg up. Ben apparently thinks otherwise, so we go higher. We did some rebalancing this week, but remain “miserably long.”
I am reminded of Duvall in Apocalypse Now: “Someday, this wars gonna end . . .“
http://www.ritholtz.com/blog/2012/03/market-goes-are-you-kidding-me-green/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29
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