December 23, 2009

I don't think anything is capable of stopping bulls from pushing markets higher right now.

All the news today was negative. New Home Sales down 11% vs. up 9% expected; Personal Income & Spending below expectations; Consumer Sentiment less than expected; and, Mortgage Applications down. With all that you'd think some selling might hit the tape, but no.

The market momentum, even though played by a few large investors, just overwhelms anything negative. The only positive spin was a rise in commodity prices courtesy of a lower dollar today. Is that good?

Volume was light but breadth positive especially on the NASDAQ.

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