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Bulls Charge On With Blinders: Dave's Daily

More POMO ($8.3 billion), better Retail Sales reports and Pending Home Sales data (+10.4%) allow bulls to build on yesterday's rally. Any worries from Europe, China tightening, higher Jobless Claims are mere inconveniences when the light is a bright green.

Let's face it. This is what the Fed stated they wanted with their POMO activities -- higher prices overall with higher stock prices emphasized. The Fed prints money and buys bonds from the Primary Dealers and (wink, wink) they know what they're supposed to do with it. Bears just better get out of the way.

Friday presents the unemployment report which should be a nonevent if numbers are bad -- remember, and keep repeating this mantra as you try to reason with events: "bad news is good, good news is better."  That should do the trick.

Volume wasn't impressive but breadth was again quite positive.

 

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