Why We're Up, Despite the Bad News

Bears are growling, and I can't blame them. The oscillator I follow is an off-the-charts plus-7, and it is expiration week. But the rolling bull market just keeps moving along.

The cyclicals, Weyerhaeuser (WY - commentary - Trade Now), Honeywell (HON - commentary - Trade Now), Whirlpool (WHR - commentary - Trade Now), Dow (DOW - commentary - Trade Now), Joy Global (JOYG - commentary - Trade Now), I mean this is just something. They kept advancing from the get-go.

Then there's Apple (AAPL - commentary - Trade Now), Google (GOOG - commentary - Trade Now) and Research In Motion (RIMM - commentary - Trade Now). How did they become unstoppable again?

Of course, after the close we discover that Genesis Leasing might be the target of an acquirer. Can you imagine if that leasing business comes on strong with consolidation? Turns out it might have been mutual fund Monday and merger Monday.

Today in the Columnist Conversation there was a sobering discussion of where this market is and where it is going. It was pointed because of its lack of vitriol and just an understanding that many bad things could still happen, but the market seems to ignore bad news.

There's plenty of bad news to ignore.

Plus, there's all sorts of silly stuff about where the market was in 2001 vs. now.

That one reminds me of the 1932 chart comparison that we had to debunk not that long ago.

I think you have to approach this market with no dogma whatsoever. The guy who has nailed it the best on the site is the agnostic Dan Fitzpatrick, who, along with Laszlo Birinyi, one of my faves, just makes a strong dispassionate case for the upside.

You have to be dispassionate, because otherwise you run into the brick wall of reality: No new jobs created. Much higher taxes coming. Loss of leadership to China. Consumers could be tapped out.

All the usual parade of horrible.

Fitz takes heart in the big charts.

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