The bulls are in a mad orgy of buying at this point. It appears to be the exact opposite of a selling panic right now – a buying panic. I hesitate to see we have not seen action like this in a long time because frankly there were a few runs like this in 2009 which also left the mouth gaping. While the NASDAQ rally of 1999 was epic, it was rarely if ever straight up like this – the upswings were very sharp but every 6-7 days you’d get smashed to pieces with a -1.5% down day (and those specific momo stocks would drop 5-8% instantly). That kept you honest. But that was the era of human beings with emotions. This is just emotionless drones buying and overbought means nothing to them I guess.
On the plus side, the higher we go the better the profit is going to be for anyone who can catch the timing of the gap fills down to S&P 1110 and especially 1090. But impossible to make any serious bets against the market until there is at least a day of making a lower intraday close than the previous day.
Also with the same stocks leading the charge almost every day, my normal caution around earnings season is going to turn into full blown red alerts. Many of these stocks have completely detached from any semblance of support so one misplaced comma in their earnings reports is going to cause some implosions.
But for now, last bear out, turn off the light. If you can reach the switch considering you are on your back and on a stretcher.