A Monumental Run

Chart to chart to chart this weekend and all I see, except for a couple of health maintenance, medical device and drug companies plus some fertilizer stocks, is just a remarkable and, yes, unheralded run in every single group.

Some of them are of the pure recovery style: every oil and gas, now including refinery, as the crude price inches back to $100 and natural gas has started its way back up; the life insurers that were left for dead when we decided that all commercial mortgages would be destroyed taking them with the bad loans; the overly-indebted companies like Textron (TXT - commentary - Trade Now) that have roared back without any real support from anyone.

But others are just monumental. Anything paper or wood or glass. These aren't quitting.

Anything tech, anything at all. You are seeing the contract manufacturers just zoom here along with most of the component makers. The IBM (IBM - commentary - Trade Now) we saw last week is not the IBM that's controlling this group, it is the IBM that led up to earnings.

Every retailer has had a magnificent run, with some like Williams-Sonoma (WSM - commentary - Trade Now), Macy's (M - commentary - Trade Now) and Gap (GPS - commentary - Trade Now) enjoying their first good runs in decades.

Let me tell you, if I, too, were not surrounded by endless gloom that's dished out by everyone I deal with, I would say this: We are about to have a very strong recovery with little inflation and a resurgence in hiring that will allow tax receipts to go up and the budget deficit to go down and our taxes to stay stable.

Now, I AM NOT SAYING THAT. But the fact that I wrote it will be used against me in pretty much every respectable corner of the investing earth that can be imagined.

Yet, when you see the gains these charts have had what else are you supposed to think? Are you supposed to think that this is the beginning of something really bad as so many say? Are you supposed to think that week after week of chart action is false? Are you supposed to ready yourself for the vast rollback in food and beverage and bank and tech and oil and gas and industrial? Are we supposed to think that the waning days of October -- an October, by the way, when people weren't complacent about after an initial burst of, "We have been too negative!"

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